The FCA has published Consultation Paper 18/5: EU Benchmarks Regulation Implementation (DEPP and EG) (CP18/5).
In CP18/5 the FCA sets out proposals to amend the Decision Procedure and Penalties manual (DEPP) and Enforcement Guide (EG) due to the changes introduced by the EU Benchmarks Regulation (BMR) and the UK Benchmarks Regulations 2018. The proposals will therefore be of interest to anyone who may be subject to regulation under the BMR.
Specifically the FCA’s proposals cover:
- decision-making procedure for determining an application for authorisation and registration of an EU-based benchmark administrator;
- decision-making procedure for determining an application for a recognition order or an endorsement order, or for withdrawing, suspending or varying such an order; and
- general enforcement approach, application of the FCA’s penalty policy and decision-making procedure when exercising powers with respect to ‘miscellaneous BM persons’ (the UK Benchmarks Regulations 2018 extend the FCA’s powers over authorised persons for breaches of the BMR and also give the FCA powers over certain unauthorised persons, defined as miscellaneous BM persons).
The deadline for comments on CP18/5 is 5 March 2018.
View CP18/5: EU Benchmarks Regulation implementation (DEPP and EG), 5 February 2018