PART II SPECIFIED ACTIVITIES

F1Chapter 15ESpecified Benchmarks

Annotations:
Amendments (Textual)

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.

F2Administering a benchmark63S

1

Administering a benchmark is a specified kind of activity.

2

In paragraph (1) “administering a benchmark” means acting as an administrator of a benchmark within the meaning of Article 3 of 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 .

Administration of a benchmark by the FCA63T

The FCA does not carry on the activity of the kind specified by article 63S(1) in relation to a benchmark where the FCA administers the benchmark itself.