Regulation (EU) 2016/1011 of the European Parliament and of the CouncilShow full title
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)
Introductory Text
TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1.Subject-matter
Article 2.Scope
Article 3.Definitions
TITLE II BENCHMARK INTEGRITY AND RELIABILITY
CHAPTER 1 Governance of and control by administrators
Article 4.Governance and conflict of interest requirements
Article 5.Oversight function requirements
Article 6.Control framework requirements
Article 7.Accountability framework requirements
Article 8.Record-keeping requirements
Article 9.Complaints-handling mechanism
Article 10.Outsourcing
CHAPTER 2 Input data, methodology and reporting of infringements
Article 11.Input data
Article 12.Methodology
Article 13.Transparency of methodology
Article 14.Reporting of infringements
CHAPTER 3 Code of conduct and requirements for contributors
Article 15.Code of conduct
Article 16.Governance and control requirements for supervised contributors
TITLE III REQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS
CHAPTER 1 Regulated-data benchmarks
Article 17.Regulated-data benchmarks
CHAPTER 2 Interest rate benchmarks
Article 18.Interest rate benchmarks
CHAPTER 3 Commodity benchmarks
Article 19.Commodity benchmarks
CHAPTER 3A UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks
Article 19a.UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks
Article 19b.Requirements for UK Climate Transition Benchmarks
Article 19c.Exclusions for UK Paris-aligned Benchmarks
Article 19d.Endeavour to provide UK Climate Transition Benchmarks
CHAPTER 4 Critical benchmarks
Article A20.Critical benchmarks: review of critical benchmarks
Article 20.Critical benchmarks: conditions and other matters
Article 21.Mandatory administration of a critical benchmark
Article 21A.Prohibition on new use where administrator to cease providing critical benchmark
Article 22.Mitigation of market power of critical benchmark administrators
Article 22A.Assessment of representativeness of critical benchmarks: administrator
Article 22B.Assessment of representativeness of critical benchmarks: FCA
Article 23.Mandatory contribution to a critical benchmark
Article 23A.Designation of certain critical benchmarks
Article 23B.Prohibition on use of Article 23A benchmark
Article 23C.Exception from the prohibition for legacy use of Article 23A benchmark
Article 23D.Orderly cessation of Article 23A benchmarks
Article 23E.Review of exercise of powers under Article 23D
Article 23F.Policy statements
Article 23FA.References to Article 23A benchmarks
Article 23FB.References to Article 23A benchmarks: further provision
Article 23FC.Liability of administrator of Article 23A benchmark
Article 23G.Critical benchmarks provided for different currencies etc
CHAPTER 5 Significant benchmarks
Article 24.Significant benchmarks
Article 25.Exemptions from specific requirements for significant benchmarks
CHAPTER 6 Non-significant benchmarks
Article 26.Non-significant benchmarks
CHAPTER 7 COMPLIANCE WITH REQUIREMENTS
Article 26A.Compliance with requirements
TITLE IV TRANSPARENCY AND CONSUMER PROTECTION
Article 27.Benchmark statement
Article 28.Changes to and cessation of a benchmark
TITLE V USE OF BENCHMARKS IN THE UNITED KINGDOM
Article 29.Use of a benchmark
Article 30.Equivalence
Article 31.Withdrawal of registration of an administrator located in a third country
Article 32.Recognition of an administrator located in a third country
Article 33.Endorsement of benchmarks provided in a third country
TITLE VI AUTHORISATION, REGISTRATION AND SUPERVISION OF ADMINISTRATORS
CHAPTER 1 Authorisation and registration
Article 34.Authorisation and registration of an administrator
Article 35.Withdrawal or suspension of authorisation or registration
Article 36.Register of administrators and benchmarks
CHAPTER 2 Supervisory cooperation
Article 37.Delegation of tasks between competent authorities
Article 38.Disclosure of information from another Member State
Article 39.Cooperation on on-site inspections and investigations
CHAPTER 3 Role of competent authorities
Article 40.Competent authorities
Article 41.Powers of competent authorities
Article 42.Administrative sanctions and other administrative measures
Article 43.Exercise of supervisory powers and imposition of sanctions
Article 44.Obligation to cooperate
Article 45.Publication of decisions
Article 46.Cessation of a critical benchmark in certain circumstances
Article 47.Cooperation with ESMA
Article 48.Professional secrecy
TITLE 6A PROVISION OF INFORMATION AND PERIODS OF TIME
Article 48A.Provision of information and documents
Article 48B.Periods of time
TITLE VII Power to make regulations
Article 49.Regulations made by the Treasury
Article 50.Committee procedure
TITLE VIII TRANSITIONAL AND FINAL PROVISIONS
Article 51.Transitional provisions
Article 52.Deadline for updating the prospectuses and key information documents
Article 53.ESMA reviews
Article 54.Review
Article 55.Notification of benchmarks referenced and their administrators
Article 56.Amendments to Regulation (EU) No 596/2014
Article 57.Amendments to Directive 2008/48/EC
Article 58.Amendments to Directive 2014/17/EU
Article 59.Entry into force
Signature
ANNEX I
INTEREST RATE BENCHMARKS
Accurate and sufficient data
1. For the purposes of points (a) and (c) of Article...
2. For the purposes of point (a) of Article 11(1) and...
Oversight function
3. The following requirements shall apply in substitution for the requirements...
Auditing
4. The administrator of an interest rate benchmark shall appoint an...
Contributor systems and controls
5. The following requirements shall apply to contributors to interest rate...
6. Each contributor's submitter and the direct managers of that submitter...
7. A contributor's systems and controls shall include:
8. A contributor to an interest rate benchmark shall keep detailed...
9. Records shall be kept on a medium that allows the...
10. The compliance function of the contributor to an interest rate...
11. Input data and procedures shall be subject to regular internal...
12. An external audit of the input data of a contributor...
ANNEX II
COMMODITY BENCHMARKS
Methodology
1. The administrator of a commodity benchmark shall formalise, document, and...
2. The administrator of a commodity benchmark shall publish or make...
3. Along with the methodology referred to in paragraph 2, the...
Changes to a methodology
4. The administrator of a commodity benchmark shall adopt and make...
5. The administrator of a commodity benchmark shall regularly examine its...
Quality and integrity of benchmark calculations
6. The administrator of a commodity benchmark shall:
7. The administrator of a commodity benchmark shall describe and publish...
Integrity of the reporting process
8. The administrator of a commodity benchmark shall:
Assessors
9. In relation to the role of an assessor, the administrator...
Audit trails
10. The administrator of a commodity benchmark shall have rules and...
11. The administrator of a commodity benchmark shall have rules and...
Conflicts of interest
12. The administrator of a commodity benchmark shall establish adequate policies...
13. The administrator of a commodity benchmark shall ensure that its...
14. The administrator of a commodity benchmark shall ensure that it...
15. The administrator of a commodity benchmark shall disclose to its...
Complaints
16. The administrator of a commodity benchmark shall have in place...
17. Disputes as to daily pricing determinations, which are not formal...
External auditing
18. The administrator of a commodity benchmark shall appoint an independent...
ANNEX III
UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks
Methodology for UK Climate Transition Benchmarks
Methodology for UK Paris-aligned Benchmarks
Changes to the methodology
ANNEX 4
ARTICLE 23A BENCHMARKS
1 This Regulation applies in relation to an Article 23A benchmark...
2 The modifications referred to in paragraph 1(a) are the following—...
3 The FCA may, in accordance with paragraphs 4 to 9,...
4 If the FCA proposes that this Regulation should apply to...
5 A notice under paragraph 4 must—
6 If, after considering any representations made in accordance with paragraph...
7 A notice under paragraph 6 must—
8 A notice under paragraph 6 must be published as soon...
9 The FCA—
10 Paragraphs 11 to 13 apply where the FCA gives the...
11 The FCA must, before the end of the period of...
12 During the interim period, the benchmark administrator is only required...
13 In paragraph 12, “ interim period ” means a period...
14 References in this Annex to varying modifications (however expressed) include...