(1) An administrator authorised by the FCA or any other supervised entity ["Supervised entity" is defined in point 17 of paragraph 1 of Article 1 to the EU Benchmarks Regulation 2016 (OJ No. L171 29.06.2016, p.1.).] which is entitled to apply to the FCA under Article 33 of the EU Benchmarks Regulation 2016 ("the endorser") may apply to the FCA for approval of its decision to endorse a benchmark or a family of benchmarks administered by an administrator located in a third country.

(2) The application for approval of its decision must be made in such manner as the FCA may direct.

(3) The FCA must determine the application within 90 working days of receipt of the completed application.

(4) The FCA must make an endorsement order granting the application if the conditions in Article 33(1) of the EU Benchmarks Regulation 2016 are met.

(5) The FCA must -

(a) notify the endorser 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.