Regulation 34 Procedure for prior recognition of a benchmark administrator located in a third country
(1) An application for prior recognition of a benchmark administrator located in a third country under Article 32 of the EU Benchmarks Regulation 2016 must be made in such manner as the FCA may direct.
(2) The FCA must determine the application within 90 working days of receipt of the completed application.
(3) The FCA must make a recognition order granting the administrator prior recognition if the conditions in Article 32 of the EU Benchmarks Regulation 2016 are met.
(a) notify the administrator in writing of its decision; and
(b) state whether the decision is to take effect immediately or on such date as may be specified in the notice.
(5) Where the conditions in Article 32 of the EU Benchmarks Regulation 2016 are not met and the FCA refuses to grant a recognition order it must give the administrator a written notice to that effect.
(a) on its own initiative; or