To be revoked by s. 1 and Sch. 1 Pt 2 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), Sch. 1 Pt 2 not yet fully commenced.
This instrument makes changes to ensure that the existing regime under the Benchmarks Regulation (BMR) and related EU legislation continues to operate effectively once the UK is outside the EU. The BMR sets out routes for benchmarks to become approved for use, and only those approved under these routes by the end of the existing transitional period set out in the EU BMR (which ends on 31 December 2019) may continue to be used in the EU after that date. Whilst the EU BMR is currently in a transitional phase, many firms have already begun work to ensure compliance with the regime, including submission of regulatory applications and ensuring modifications to their business models to meet requirements. Consequently this instrument amends the BMR and related tertiary legislation. This includes a