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Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 [SI 2018 No. 135]Introductory TextPart 1 Introductory provisions (regs. 1-4)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Retained direct EU legislationRegulation 4 Designation of competent authorityPart 2 FCA powers over Miscellaneous BM persons (regs. 5-26)Regulation 5Regulation 6 FCA's power to impose requirementsRegulation 7 Right to refer matters to the TribunalRegulation 8 Exercise of power in support of overseas regulatorRegulation 9 Reporting requirementsRegulation 10 Public censureRegulation 11 Financial penaltiesRegulation 12 Warning noticeRegulation 13 Decision noticeRegulation 14 Statements of policyRegulation 15 Statements of policy: procedureRegulation 16 Misleading the FCARegulation 17 Restriction on penaltiesRegulation 18 Application of Part 9 of the Act (hearings and appeals)Regulation 19 Application of Part 11 of the Act (information gathering and investigations)Regulation 20 Information given by an auditorRegulation 21 Restrictions on disclosure of informationRegulation 22 Application of Part 25 of the Act (injunctions and restitution)Regulation 23 Application of Part 26 of the Act (notices)Regulation 24 Application of Part 27 of the Act (offences)Regulation 25 Application of section 413 of the Act (protected items)Regulation 26 FCA: penalties, fees and exemption from liability in damagesPart 3 FCA powers in relation to persons publishing or contributing to benchmarks (regs. 27-32)Regulation 27 Variation of permission: continued publication of a benchmark by authorised personRegulation 28 Variation of permission: continued contribution to a benchmark by authorised personRegulation 29 Interim permission: continued publication of a benchmark by non-authorised personRegulation 30 Interim permission: continued contribution to a benchmark by non-authorised personRegulation 31 Application of the Act to persons with interim permissionRegulation 32 Application of the FCA's rules etc. to persons with interim permissionPart 4 Administering a benchmark (regs. 33-36)Regulation 33 Power to direct form of notificationsRegulation 34 Procedure for prior recognition of a benchmark administrator located in a third countryRegulation 35 Endorsement of benchmarks provided in a third countryRegulation 36 Right to refer matters to the TribunalPart 5 Amendments to the Act (regs. 37-50)Regulation 37 Amendments to section 1HRegulation 38 Amendments to section 22 (regulated activities)Regulation 39Regulation 40 Amendments to Part 4A (permission to carry on regulated activities)Regulation 41 Amendment to Part 8 of the Act (provisions relating to market abuse)Regulation 42Regulation 43 Amendment to section 137F of the Act (rules requiring participation in benchmark)Regulation 44 Amendment to section 178 of the Act (obligation to notify the appropriate regulator: acquisitions of control)Regulation 45 Amendment to Part 18 of the Act (recognised investment exchanges and clearing houses)Regulation 46 Amendment to section 391 of the Act (publication)Regulation 47 Amendment to section 395 (the FCA's and PRA's procedures)Regulation 48 Amendment to section 398 of the Act (misleading FCA or PRA: residual cases)Regulation 49 Amendment to Part 29 of the Act (interpretation)Regulation 50 Omission of Part 2B of Schedule 2 to the Act (regulated activities relating to the setting of benchmarks)Part 6 Amendments to secondary legislation (regs. 51-58)Regulation 51 Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Regulation 52Regulation 53Regulation 54 Amendment to the Financial Services and Markets Act 2000 (Exemption) Order 2001Regulation 55 Amendment to the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001Regulation 56 Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001Regulation 57 Amendments to the Consumer Credit (Disclosure of Information) Regulations 2010Regulation 58 Amendments to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013Part 7 Transitional provisions (regs. 59-66)Regulation 59 Administrators of specified benchmarks: transitional provisionRegulation 60 Submitters to specified benchmarks: transitional provisionRegulation 61 Existing administrators as at 30th June 2016: transitional provisionRegulation 62 Existing administrators as at 1st of January 2018: transitional provisionRegulation 63 New administrators: transitional provisionRegulation 64 Use of an index: transitional provisionRegulation 65 Administering a benchmark under Article 51(4) of the EU Benchmarks Regulation 2016Regulation 66 Authorisations and registrations granted by the FCA prior to 27th February 2018Part 8 Miscellaneous provisions (regs. 67-68)Regulation 67 Amendment to the ActRegulation 68 ReviewSignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 February 2018 - onwards
Version 2 of 2

Regulation 59 Administrators of specified benchmarks: transitional provision

A person who carries on an activity of the kind specified in article 63O(1)(b) of the RAO in relation to a specified benchmark without permission to carry on that activity is not by virtue of section 20(1) of the Act (authorised person acting without permission) to be taken to have contravened a requirement imposed by the FCA if that person has a permission to carry on an activity of the kind specified in article 63S(1) of the RAO.

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