1. This Article shall apply to:

(a) benchmarks designated as critical by an implementing act adopted pursuant to point (a) or (c) of Article 20(1);

(b) benchmarks based on the contribution of input data if their cessation or wind-down would significantly disrupt the functioning of financial markets in the Union; and

(c) third-country benchmarks if their cessation or wind-down would significantly disrupt the functioning of financial markets in the Union or pose a systemic risk to the financial system in the Union.

2. The Commission may designate one or more replacements for a benchmark provided that any of the following events has occurred: