Specified benchmarks
5. After article 63N(1) insert—
“CHAPTER 15ESPECIFIED BENCHMARKS
The activities
Specified benchmarks
63O.—(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 services
63P. 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 FCA
63Q.—(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.
Schedule
63R. Schedule 5 specifies benchmarks for the purposes of section 22(1A)(b) of the Act.”.
Inserted by S.I. 2009/1389.