TITLE VIU.K.AUTHORISATION, REGISTRATION AND SUPERVISION OF ADMINISTRATORS

CHAPTER 1U.K.Authorisation and registration

Article 35U.K.Withdrawal or suspension of authorisation or registration

1.[F1The FCA] may withdraw or suspend the authorisation or registration of an administrator where the administrator:

(a)expressly renounces the authorisation or registration or has provided no benchmarks for the preceding 12 months;

(b)has obtained the authorisation or registration, or has endorsed a benchmark, by making false statements or by any other irregular means;

(c)no longer meets the conditions under which it was authorised or registered; or

(d)has seriously or repeatedly infringed the provisions of this Regulation.

2.F2...

[F3The FCA] shall promptly update the [F4FCA register].

3.Following the adoption of a decision to suspend the authorisation or registration of an administrator, and where cessation of the benchmark would result in a force majeure event, or frustrate or otherwise breach the terms of any financial contract or financial instrument, or the rules of any investment fund, which references that benchmark, as specified in the [F52018 Delegated Regulation or regulations made by the Treasury] pursuant to Article 51(6), the provision of the benchmark in question may be permitted by the [F6FCA] until the decision of suspension has been withdrawn. During that period of time, the use of such benchmark by supervised entities shall be permitted only for financial contracts, financial instruments and investment funds that already reference the benchmark.

4.Following the adoption of a decision to withdraw the authorisation or registration of an administrator, Article 28(2) shall apply.

[F75.In paragraph 3, the “2018 Delegated Regulation” means Commission Delegated Regulation (EU) 2018/67 of 3 October 2017 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to the establishment of the conditions to assess the impact resulting from the cessation of or change to existing benchmarks.]

Textual Amendments