There has been published on the legislation.gov.uk website The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (the Regulations). The Regulations implement parts of the EU Benchmarks Regulation (BMR):
- Part 1 of the Regulations designates the FCA as the competent authority in the UK responsible for carrying on the duties of the competent authority under the BMR;
- Part 2 of the Regulations makes provision for the FCA to exercise powers in respect of persons who are involved in the provision of a benchmark but are not benchmark administrators within the meaning of Article 3 of the BMR;
- Part 3 of the Regulations makes provision for the FCA to impose requirements on persons requiring them to administer or contribute to a benchmark;
- Part 4 of the Regulations makes provision in respect of the administration of a benchmark;
- Part 5 of the Regulations makes amendments to the Financial Services and Markets Act 2000 (FSMA) to give effect to the BMR. Section 22 of FSMA is amended to provide that administration of a benchmark is a regulated activity;
- Part 6 of the Regulations makes amendments to secondary legislation under FSMA. Amendments are made to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to provide that administering a regulated benchmark is a specified activity for the purposes of section 22 of FSMA;
- Part 7 of the Regulations makes transitional provisions in respect of benchmarks;
- Part 8 of the Regulations makes a minor amendment to FSMA for the purposes of Directive 2016/1148 of 6 July 2016 concerning measures for a high common level of security of network and information systems across the Union; and
- Part 8 of the Regulations calls for a review within five years.
View The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018, 5 February 2018
