The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018

PART 8 Miscellaneous provisions

Amendment to the Act

67.  In subsection (3) of section 293(1) of the Act (notification requirements), for “under”, in the second place where it appears, substitute “for the purposes of”.

Review

68.—(1) The Treasury must from time to time—

(a) carry out a review of regulations 2 to 58; and

(b) publish the report setting out the conclusions of the review.

(2) The first report under this regulation must be published on or before 27th February 2023.

(3) Subsequent reports must be published at intervals not exceeding five years.

(4) Section 30(3) of the Small Business, Enterprise and Employment Act 2015(2) requires that a review carried out under this regulation must, so far as is reasonable, have regard to how the EU Benchmarks Regulation 2016 is implemented in other countries which are subject to its obligations.

(5) Section 30(4) of that Act requires that a report published under this regulation must, in particular—

(a) set out the objectives intended to be achieved by the regulatory provision referred to in paragraph (1)(a);

(b) assess the extent to which those objectives are achieved;

(c) assess whether those objectives remain appropriate; and

(d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way that imposes less onerous regulatory provision.

(6) In this regulation, “regulatory provision” has the same meaning as in sections 28 to 32 of the Small Business, Enterprise and Employment Act 2015 (see section 32 of that Act).

(1)

Section 293(3) was amended by paragraph 10(2) of Schedule 8 to the Financial Services Act 2012 and by S.I. 2017/1064.

(2)

2015 c. 26. Section 30(3) was amended by section 19 of the Enterprise Act 2016 (c. 12).