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Textual Amendments
F1Annex 4 inserted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 15(2), 49(5); S.I. 2021/739, reg. 3(h)
the modifications listed in paragraph 2, and
any modifications specified in a notice given by the FCA to the benchmark administrator under paragraph 6.
Article 11(1) has effect as if—
point (a) were omitted, and
in point (d), the words “and representative” (in the first place they occur) and “and representative of the market or economic reality that the benchmark is intended to measure” were omitted;
point (a) in Article 27(1) has effect as if for “and the circumstances in which such measurement may become unreliable” there were substituted “ immediately before it became an Article 23A benchmark ”.
explain the proposed modifications or variations,
give reasons for the FCA's proposed decision, and
state that the administrator may make written representations to the FCA during the period of 14 days beginning with the day on which the notice is given.
specify the modifications or variations,
give reasons for the FCA's decision, and
provide any further information that the FCA considers appropriate for assisting supervised entities to understand the effects of the modifications or variations.
must give a copy of a notice under paragraph 6 to the Treasury before publishing it, and
may charge a reasonable fee for providing a person with a copy of a notice published under this Annex.
at the end of the three month period referred to in paragraph 11, if that period ends without the FCA giving a notice under paragraph 4, or
when the FCA, having given the administrator a notice under paragraph 4, gives the administrator —
a written notice that it has decided not to make the proposed modifications or variations, or
a notice under paragraph 6.