PART 3AMENDMENTS OF THE PRINCIPAL ORDER
Amendment of the Principal Order
4. The Principal Order is amended as follows.
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.”.
Schedule
6. After Schedule 4, insert—
Article 63R
“SCHEDULE 5SPECIFIED BENCHMARKS
The following benchmarks are specified:
1. The benchmarks that are known as the London Interbank Offered Rate, also known as LIBOR.”.
Inserted by S.I. 2009/1389.