The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018
| Jurisdiction | UK Non-devolved |
| Citation | SI 2018/135 |
(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018.regulation 57 (amendments to the Consumer Credit (Disclosure of Information) Regulations 2010) regulations 37(c) and (d) , 39, 43(b) , 49(2) (c) and (d) , 50 and 53 which come into force on 1st May 2020.(1) In these Regulations—In these Regulations, a reference to an Article of the EU Benchmarks Regulation 2016 includes a reference to any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) The FCA has the powers conferred on it by this Part of the Regulations in respect of Miscellaneous BM persons.involved in the provision of, or contribution of input data to, a benchmark;a service provider to whom functions or any relevant services and activities in the provision of a benchmark have been outsourced;a person who is not the service provider but who is or has been party to a contract in relation to the outsourcing of functions or any relevant services and activities in the provision of a benchmark;a legal representative of a benchmark administrator located in a third country which has obtained or has applied for prior recognition as referred to in Article 32(1) and as provided for in Article 32(3) of the EU Benchmarks Regulation 2016;a person who administers a benchmark relying on F118Article 46(8) or Article 51(4) of the EU Benchmarks Regulation 2016; ora supervised entity.the Miscellaneous BM person has contravened or is likely to contravene a relevant requirement;it is desirable for the FCA to exercise its powers in order to advance any of its operational objectives F119but only in respect of a Miscellaneous BM person coming within regulation 5(2) (d) or (e) ; orit is desirable for the FCA to exercise its powers order to facilitate the performance of its functions under the EU Benchmarks Regulation 2016.impose a requirement that the FCA considers appropriate;vary a requirement already imposed under this paragraph; orcancel such a requirement.impose a requirement that the FCA considers appropriate;vary a requirement already imposed by the FCA; orcancel such a requirement.the Miscellaneous BM person has contravened or is likely to contravene a
- “the Act” means the Financial Services and Markets Act 2000 ;
- “the EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 F124as it forms part of retained EU law;
- “benchmark administrator” means a person who acts as an administrator of a benchmark within the meaning of Article 3 of the EU Benchmarks Regulation 2016;
- “competent authority” means an authority designated under Article 40 of the EU Benchmarks Regulation 2016;
- “the FCA” means the Financial Conduct Authority;
- “non-authorised person” means a person who is not an authorised person;
- “the RAO” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;
- “relevant requirement” means a requirement imposed by or under these Regulations or by or under the EU Benchmarks Regulation 2016; and
- F123“third country” means a country other than the United Kingdom.
- “overseas regulator” means an authority in a country or territory outside the United Kingdom which has functions corresponding to those of the FCA under the EU Benchmarks Regulation 2016;
- “own-initiative requirement powers” means the FCA's powers in regulation 6(2) ; and
- “senior management” has the meaning given in Article 4.1.37 of Directive 2014/65/EU off the European Parliament and of the Council of 16 April 2014 on Markets in Financial Instruments (recast) F125as it had effect immediately before IP completion day.
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