TITLE IIIREQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS
CHAPTER 4Critical benchmarks
Article 23E F1Review of exercise of powers under Article 23D
1
Where the FCA has exercised a power under Article 23D(2) in relation to a benchmark, the FCA must, for each review period—
a
review its exercise of its powers under Article 23D(2) in relation to that benchmark during the period, and
b
publish a report setting out the outcome of the review.
2
For the purposes of paragraph 1, the review periods are—
a
the period of two years beginning with the day on which the first notice under Article 23D(2) relating to the benchmark is published, and
b
each subsequent period of two years, excluding the period in which the benchmark ceases to be provided and subsequent periods.
3
The FCA must publish a report under paragraph 1(b) as soon as reasonably practicable after the end of the review period.
4
Where the FCA, having exercised a power under Article 23D(2) in relation to a benchmark, exercises a power under Article 23D(2) again in relation to the benchmark, it must—
a
carry out a review of the most recent previous exercise of that power in relation to that benchmark, and
b
publish a report setting out the outcome of the review.
5
The FCA must take the action described in paragraph 4—
a
before its subsequent exercise of a power under Article 23D(2), where that is reasonably practicable, or
b
otherwise, as soon as reasonably practicable afterwards.
6
The FCA may fulfil the duty in paragraph 1 and satisfy paragraph 4 by means of the same review and report.
7
In a review under this Article, the FCA must—
a
consider whether the exercise of the power has advanced, or is likely to advance, the objectives mentioned in Article 23D(3)(b), and
b
have regard to the policy statement with respect to the exercise of its powers under Article 23D (see Article 23F).
8
A report published under this Article must be published in the way appearing to the FCA to be best calculated to bring it to the attention of the public.
9
The FCA—
a
must give a copy of a report of a review under this Article to the Treasury before publishing it, and
b
may charge a reasonable fee for providing a person with a copy of a report published in accordance with this Article.