On 4 August 2021, there was published on the legislation.gov.uk website The Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021.
The Regulations amend the Benchmarks (Provision of Information and Documents) Regulations 2021 (the 2021 Regulations). The 2021 Regulations make provision in respect of a notice or permission given by the FCA to the administrator of a critical benchmark under certain provisions of the Benchmarks Regulation. As currently drafted, the 2021 Regulations only apply to an administrator of a benchmark that is specified as critical by regulations made under Article A20 or Article 20 of the Benchmarks Regulation.
These Regulations correct a drafting error to ensure that the 2021 Regulations also apply to an administrator of a critical benchmark that is listed in Commission Implementing Regulation (EU) 2016/1368 establishing a list of critical benchmarks used in financial markets pursuant to the Benchmarks Regulation (the Commission Implementing Regulation).
The Regulations ensure that the 2021 Regulations will apply to LIBOR, the only critical benchmark in the UK at present and which is listed under the Commission Implementing Regulation.
The Regulations come into force on 8 August 2021.