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 (Text with EEA relevance)

Changes over time for: Article 34

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Changes to legislation:

Regulation (EU) 2016/1011 of the European Parliament and of the Council, Article 34 is up to date with all changes known to be in force on or before 25 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Changes and effects yet to be applied to Article 34:

Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
Art. 34 para. 1a addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)

Newidiadau ac effeithiau heb eu gweithredu eto ar yr eitem ddeddfwriaeth gyfan a’r darpariaethau cysylltiedig.

Title 6 Ch. 4 addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
Art. 3.1(24) words omitted by S.I. 2019/657 reg. 5(10)(f) (This amendment not applied to legislation.gov.uk. Reg. 5(10)(f) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 58(4))
Art. 51(1B)(a)(ii) words substituted in earlier amending provision S.I. 2019/657, reg. 42(2) by S.I. 2019/1212 reg. 20(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 20(2) omitted (30.6.2020) by virtue of S.I. 2020/628, regs. 1(4), 16)
Art. 51(2)(b) word substituted by S.I. 2019/657 reg. 42(3)(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 42(3) substituted immediately before IP completion day by S.I. 2020/628, regs. 1(3), 12(6)(b))
Art. 51(2)(b) words substituted by S.I. 2019/657 reg. 42(3)(b)(ii) (This amendment not applied to legislation.gov.uk. Reg. 42(3) substituted immediately before IP completion day by S.I. 2020/628, regs. 1(3), 12(6)(b))

Article 34U.K.Authorisation and registration of an administrator

1.A natural or legal person located in the [F1United Kingdom] that intends to act as an administrator shall apply to the [F2FCA] in order to receive:

(a)authorisation if it provides or intends to provide indices which are used or intended to be used as benchmarks within the meaning of this Regulation;

(b)registration if it is a supervised entity, other than an administrator, that provides or intends to provide indices which are used or intended to be used as benchmarks within the meaning of this Regulation, on condition that the activity of provision of a benchmark is not prevented by the sectoral discipline applying to the supervised entity and that none of the indices provided would qualify as a critical benchmark; or

(c)registration if it provides or intends to provide only indices which would qualify as non-significant benchmarks.

2.An authorised or registered administrator shall comply at all times with the conditions laid down in this Regulation and shall notify the [F3FCA] of any material changes thereof.

3.The application referred to in paragraph 1 shall be made within 30 working days of any agreement entered into by a supervised entity to use an index provided by the applicant as a reference to a financial instrument or financial contract or to measure the performance of an investment fund.

4.The applicant shall provide all information necessary to satisfy the [F4FCA] that the applicant has established, at the time of authorisation or registration, all the necessary arrangements to meet the requirements laid down in this Regulation.

5.Within 15 working days of receipt of the application, the [F5FCA] shall assess whether the application is complete and shall notify the applicant accordingly. If the application is incomplete, the applicant shall submit the additional information required by the [F5FCA]. The time limit referred to in this paragraph shall apply from the date on which such additional information is provided by the applicant.

6.The [F6FCA] shall:

(a)examine the application for authorisation and adopt a decision to authorise or refuse to authorise the applicant within four months of receipt of a complete application;

(b)examine the application for registration and adopt a decision to register or refuse to register the applicant within 45 working days of receipt of a complete application.

Within five working days of the adoption of a decision referred to in the first subparagraph, the [F7FCA] shall notify it to the applicant. Where the [F7FCA] refuses to authorise or to register the applicant, it shall give reasons for its decision.

F87.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.[F9The FCA may make] technical standards to specify further the information to be provided in the application for authorisation and in the application for registration, taking into account that authorisation and registration are distinct processes where authorisation requires a more extensive assessment of the administrator's application, the principle of proportionality, the nature of the supervised entities applying for registration under point (b) of paragraph 1 and the costs to the applicants and [F10the FCA].

F11...

Textual Amendments

F1Words in Art. 34(1) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 31(2)(a) (with regs. 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)