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Regulation 2016/1011/EU - Benchmarks Regulation (UK BMR) (Assimilated Law)RecitalsTitle I Subject matter, scope and definitions (arts. 1-3)Article 1 Subject-matterArticle 2 ScopeArticle 3 DefinitionsTitle II Benchmark integrity and reliability (arts. 4-16)Chapter 1 Governance of and control by administrators (arts. 4-10)Article 4 Governance and conflict of interest requirementsArticle 5 Oversight function requirementsArticle 6 Control framework requirementsArticle 7 Accountability framework requirementsArticle 8 Record-keeping requirementsArticle 9 Complaints-handling mechanismArticle 10 OutsourcingChapter 2 Input data, methodology and reporting of infringements (arts. 11-14)Article 11 Input dataArticle 12 MethodologyArticle 13 Transparency of methodologyArticle 14 Reporting of infringementsChapter 3 Code of conduct and requirements for contributors (arts. 15-16)Article 15 Code of conductArticle 16 Governance and control requirements for supervised contributorsTitle III Requirements for different types of benchmarks (arts. 17-26A)Chapter 1 Regulated-data benchmarks (art. 17)Article 17 Regulated-data benchmarksChapter 2 Interest rate benchmarks (art. 18)Article 18 Interest rate benchmarksChapter 3 Commodity benchmarks (art. 19)Article 19 Commodity benchmarksChapter 3A UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks (arts. 19-19d)Article 19a UK Climate Transition Benchmarks and UK Paris-aligned BenchmarksArticle 19b Requirements for UK Climate Transition BenchmarksArticle 19c Exclusions for UK Paris-aligned BenchmarksArticle 19d Endeavour to provide UK Climate Transition BenchmarksChapter 4 Critical benchmarks (arts. A20-23G)Article A20 Critical benchmarks: review of critical benchmarksArticle 20 Critical benchmarks: conditions and other mattersArticle 21 Mandatory administration of a critical benchmarkArticle 21A Prohibition on new use where administrator to cease providing critical benchmarkArticle 22 Mitigation of market power of critical benchmark administratorsArticle 22A Assessment of representativeness of critical benchmarks: administratorArticle 22B Assessment of representativeness of critical benchmarks: FCAArticle 23 Mandatory contribution to a critical benchmarkArticle 23A Designation of certain critical benchmarksArticle 23B Prohibition on use of Article 23A benchmarkArticle 23C Exception from the prohibition for legacy use of Article 23A benchmarkArticle 23D Orderly cessation of Article 23A benchmarksArticle 23E Review of exercise of powers under Article 23DArticle 23F Policy statementsArticle 23FA References to Article 23A benchmarksArticle 23FB References to Article 23A benchmarks: further provisionArticle 23FC Liability of administrator of Article 23A benchmarkArticle 23G Critical benchmarks provided for different currencies etcChapter 5 Significant benchmarks (arts. 24-25)Article 24 Significant benchmarksArticle 25 Exemptions from specific requirements for significant benchmarksChapter 6 Non-significant benchmarks (art. 26)Article 26 Non-significant benchmarksChapter 7 Compliance with requirements (art. 26A)Article 26A Compliance with requirementsTitle IV Transparency and consumer protection (arts. 27-28)Article 27 Benchmark statementArticle 28 Changes to and cessation of a benchmarkTitle V Use of benchmark in the United Kingdom (arts. 29-33)Article 29 Use of a benchmarkArticle 30 EquivalenceArticle 31 Withdrawal of registration of an administrator located in a third countryArticle 32 Recognition of an administrator located in a third countryArticle 33 Endorsement of benchmarks provided in a third countryTitle VI Authorisation, registration and supervision of administrator (arts. 34-48)Chapter 1 Authorisation and registration (arts. 34-36)Article 34 Authorisation and registration of an administratorArticle 35 Withdrawal or suspension of authorisation or registrationArticle 36 Register of administrators and benchmarksChapter 2 Supervisory cooperation (arts. 37-39)Article 37 Delegation of tasks between competent authoritiesArticle 38 Disclosure of information from another Member StateArticle 39 Cooperation on on-site inspections and investigationsChapter 3 Role of competent authorities (arts. 40-48)Article 40 Competent authoritiesArticle 41 Powers of competent authoritiesArticle 42 Administrative sanctions and other administrative measuresArticle 43 Exercise of supervisory powers and imposition of sanctionsArticle 44 Obligation to cooperateArticle 45 Publication of decisionsArticle 46 Cessation of a critical benchmark in certain circumstancesArticle 47 Cooperation with ESMAArticle 48 Professional secrecyTitle VIA Provision of information and periods of time (arts. 48A-48B)Article 48A Provision of information and documentsArticle 48B Periods of timeTitle VII Power to make regulations (arts. 49-50)Article 49 Regulations made by the TreasuryArticle 50 Committee procedureTitle VIII Transitional and final provisions (arts. 51-59)Article 51 Transitional provisionsArticle 52 Deadline for updating the prospectuses and key information documentsArticle 53 ESMA reviewsArticle 54 ReviewArticle 55 Notification of benchmarks referenced and their administratorsArticle 56 Amendments to Regulation (EU) No 596/2014Article 57 Amendments to Directive 2008/48/ECArticle 58 Amendments to Directive 2014/17/EUArticle 59 Entry into forceAnnex I Interest rate benchmarksAnnex II Commodity benchmarksAnnex III UK Climate Transition Benchmarks and UK Paris-aligned BenchmarksAnnex IV Article 23A BenchmarksDone at
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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
Version date: 1 July 2021 - onwards
Version 2 of 2

Article A20 Critical benchmarks: review of critical benchmarks

1. The FCA must conduct a proportionate review of critical benchmarks in accordance with paragraphs 2 to 4, taking into account information provided to it under paragraph A1 of Article 20.

2. The review must consider:

(a)

whether an administrator located in the United Kingdom provides a benchmark that satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20; and

(b) where a benchmark satisfies point (a) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.

3. The FCA must provide a written report to the Treasury:

(a) setting out the result of the review; and

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