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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 25 March 2019

Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 [SI 2019 No. 657]

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
Comparing proposed amendment...
Introductory Text
Part 1 General (reg. 1)
In force
Regulation 1 Citation and commencement
Part 2 Amendment of EU Regulations (regs. 2-50)
Chapter 1 Amendment of Regulation (EU) 2016/1011 (regs. 2-45A)
In force
Regulation 2 Amendment of Regulation (EU) 2016/1011
In force
Regulation 3 Subject-matter
In force
Regulation 4 Scope
In force
Regulation 5 Definitions
In force
Regulation 6 Governance and conflict of interest requirements
In force
Regulation 7 Oversight function requirements
In force
Regulation 8 Accountability framework requirements
In force
Regulation 9 Outsourcing
In force
Regulation 10 Input data
In force
Regulation 11 Transparency of methodology
In force
Regulation 12 Reporting of infringements
In force
Regulation 13 Code of conduct
In force
Regulation 14 Governance and control requirements for supervised contributors
In force
Regulation 14A UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks
In force
Regulation 15 Critical benchmarks: review of critical benchmarks
In force
Regulation 16 Critical benchmarks: amendments to Article 20
In force
Regulation 17 Mandatory administration of a critical benchmark
In force
Regulation 18 Mitigation of market power of critical benchmark administrators
In force
Regulation 19 Mandatory contribution to a critical benchmark
In force
Regulation 20 Significant benchmarks
In force
Regulation 21 Exemptions from specific requirements for significant benchmarks
In force
Regulation 22 Non-significant benchmarks
In force
Regulation 23 Benchmark statement
In force
Regulation 24 Changes to and cessation of a benchmark
In force
Regulation 25 Title V
In force
Regulation 26 Use of a benchmark
In force
Regulation 27 Equivalence
In force
Regulation 28 Withdrawal of registration of an administrator located in a third country
In force
Regulation 29 Recognition of an administrator located in a third country
In force
Regulation 30 Endorsement of benchmarks provided in a third country
In force
Regulation 31 Authorisation and registration of an administrator
In force
Regulation 32 Withdrawal or suspension of authorisation or registration
In force
Regulation 33 Register of administrators and benchmarks
In force
Regulation 34 Competent authorities and cooperation
In force
Regulation 35 Publication of decisions
In force
Regulation 36 Colleges
In force
Regulation 37 Cooperation with ESMA
In force
Regulation 38 Professional secrecy
In force
Regulation 39 Title VII
In force
Regulation 40 Exercise of the delegation
In force
Regulation 41 Committee procedure
In force
Regulation 42 Transitional provisions
In force
Regulation 43 Reviews
In force
Regulation 44 Directives
In force
Regulation 45 Final provisions
In force
Regulation 45A Annex III
Chapter 2 Amendment of other EU Regulations (regs. 46-50)
In force
Regulation 46 Amendment of Commission Implementing Regulation (EU) 2016/1368
In force
Regulation 47 Amendment of Commission Delegated Regulation (EU) 2018/64
In force
Regulation 48 Amendment of Commission Delegated Regulation (EU) 2018/65
In force
Regulation 49 Amendment of Commission Delegated Regulation (EU) 2018/66
In force
Regulation 50 Amendment of Commission Delegated Regulation (EU) 2018/67
Part 3 Transitional provision (regs. 51-65)
Chapter 1 Registration (regs. 51-53)
In force
Regulation 51 Conditions to be satisfied for information to be recorded on the FCA register
In force
Regulation 52 Information to be recorded on the FCA register
In force
Regulation 53 Application of the UK Benchmarks Regulation
Chapter 2 Temporary registration (regs. 54-64)
Omitted
Regulation 54 The temporary registration period
Omitted
Regulation 55 Conditions to be satisfied for information to be temporarily recorded on the FCA register
Omitted
Regulation 56 Information to be recorded on the FCA register
Omitted
Regulation 57 Information to be added to the FCA register
Omitted
Regulation 58 Removal of temporary information from the FCA register
Omitted
Regulation 59 Removal of temporary information and the FCA's objectives
Omitted
Regulation 60 Reinstatement of information on the FCA register
Omitted
Regulation 61 Use of a benchmark that is temporarily recorded on the FCA register
Omitted
Regulation 62 Use of a benchmark that is removed from the FCA register
Omitted
Regulation 63 Application of the UK Benchmarks Regulation
Omitted
Regulation 64 New applications made under the UK Benchmarks Regulation
Chapter 3 Interpretation (reg. 65)
In force
Regulation 65 Interpretation of this Part
Signature
Explanatory Note
Explanatory Memorandum
Impact Assessment