After article 63R of the RAO (specified benchmarks) insert—

“Administering 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 M1 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 M2 and 2014/17/EU M3 and Regulation (EU) No 596/2014 M4.

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.”.