PART II SPECIFIED ACTIVITIES
F1Chapter 15ESpecified Benchmarks
The activities
Specified benchmarks63O
1
The following are specified kinds of activity—
a
providing information in relation to a specified benchmark;
b
administering a specified benchmark.
2
In this Chapter—
a
“providing information” in relation to a specified benchmark means providing any information or expression of opinion that is—
i
provided to, or for the purpose of passing to, a person who has permission to carry on the activity specified in paragraph (1)(b) in relation to that specified benchmark;
ii
required in connection with the determination of the specified benchmark; and
iii
provided for the purpose of determining the specified benchmark;
b
“administering” a specified benchmark means—
i
administering the arrangements for determining a specified benchmark;
ii
collecting, analysing or processing information or expressions of opinion provided for the purpose of determining a specified benchmark;
iii
determining a specified benchmark through the application of a formula or other method of calculation to the information or expressions of opinion provided for that purpose.
Publicly available factual data and subscription services63P
A person does not carry on an activity of the kind specified by article 63O(1)(a) in relation to a specified benchmark where the information provided—
a
consists solely of factual data obtained from a publicly available source; or
b
is—
i
compiled by a subscription service for purposes other than in connection with the determination of a specified benchmark;
ii
provided to a person who has permission to carry on an activity of the kind specified by article 63O(1)(b) and who is a subscriber to the service; and
iii
provided to such a person only in that person’s capacity as a subscriber.
Administration of a specified benchmark by the FCA63Q
1
The FCA does not carry on the activity of the kind specified by article 63O(1)(b) in relation to a specified benchmark where the FCA administers the specified benchmark itself.
2
Where a specified benchmark is administered by the FCA, the reference in article 63O(2)(a)(i) to a person who has permission to carry on the activity specified in 63O(1)(b) in relation to that specified benchmark is to be read as referring to the FCA.
Schedule63R
Schedule 5 specifies benchmarks for the purposes of section 22(1A)(b) of the Act.
Pt. 2 Ch. 15E inserted (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 5