The European Commission Implementing Regulation (EU) 2016/1369 establishing a list of critical benchmarks used in financial markets pursuant to the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (2016/1011/EU) (Benchmarks Regulation), has entered into force on 13 August 2016.  The regulation specifies the Euro Interbank Offered Rate (EURIBOR) as a critical benchmark.  The Benchmarks Regulation entered into force on 30 June 2016 and (with the exception of certain provisions) will apply from 1 January 2018.