54. The Financial Services and Markets Act 2000 (Exemption) Order 2001 M1 is amended by inserting, after article 5—
5A. Part 1 of the Schedule does not apply to the regulated activity specified in article 63S of the Regulated Activities Order (administering a benchmark). The persons exempt in respect of the regulated activity of administering a benchmark are those listed, or carrying out an activity listed, in Article 2(2) of Regulation EU 2016/1011 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.”.