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

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This is the original version (as it was originally made).

Variation of permission: continued publication of a benchmark by authorised person

This section has no associated Explanatory Memorandum

27.—(1) This regulation applies where—

(a)the FCA imposes a requirement on an authorised person under Article 21(3) of the EU Benchmarks Regulation 2016 to continue publishing a benchmark; and

(b)the authorised person does not have a permission to carry on an activity of the kind specified in article 63O(1)(b)(1) or 63S of the RAO to administer the benchmark.

(2) The requirement takes effect when the FCA notifies the authorised person in writing.

(3) The authorised person’s Part 4A(2) permission is treated as having been varied by the FCA to include the activity in article 63S of the RAO(3) with effect from the day on which the FCA exercises its powers under Article 21(3) of the EU Benchmarks Regulation 2016.

(1)

S.I. 2001/544. Article 63O was inserted by article 5 of S.I. 2013/655. There are other amending instruments but none is relevant.

(2)

Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, OJ No. L173, 12.06.2014, p.84, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

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