On 12 February 2021, there was published in the Official Journal of the EU (OJ) Regulation (EU) 2021/168 amending Regulation (EU) 2016/1011 as regards the exemption of certain third-country spot foreign exchange benchmarks and the designation of replacements for certain benchmarks in cessation, and amending Regulation (EU) No 648/2012. Publication in the OJ follows agreement on the Regulation between the European Parliament and the Council last December. The Regulation amends the Benchmark Regulation empowering the European Commission to designate a replacement benchmark that covers all references to a widely used reference rate that is phased out, such as LIBOR, when this is necessary to avoid disruption in the EU financial markets. The Regulation also postpones the entry into application of the rules on third country benchmarks until 31 December 2023, with the possibility of an extension by the Commission afterwards.