The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 U.K.

58.—(1) The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019(1) are amended as follows.

(2) In regulation 2 (amendment of Regulation (EU) 2016/1011), before “is amended as follows” insert “, as it forms part of retained EU law,”.

(3) In regulation 4(b)(i) (scope), for “last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019” substitute “it forms part of retained EU law”.

(4) In regulation 5(10) (definitions), omit sub-paragraph (f).

(5) For regulation 13(3) (code of conduct) substitute—

“(3) In paragraph 5—

(a) for “relevant competent authority”, each time it occurs, substitute “FCA”;

(b) for “application of the decision to include a critical benchmark in the list referred to in Article 20(1)” substitute “the Treasury making regulations under Articles A20(5) or (6), or 20(5) specifying a benchmark as critical”.”.

(6) In regulation 15 (review of critical benchmarks) in new Article A20—

(a) in paragraph 1—

(i) for “review” substitute “proportionate review”;

(ii) at the end insert “, taking into account information provided to it under paragraph A1 of Article 20”;

(b) in paragraph 2(a)(ii), for “point” substitute “points”.

(7) In regulation 16 (critical benchmarks: amendments to Article 20), after paragraph (2) insert—

“(2A) Before paragraph 1 insert—

“A1.   An administrator shall immediately notify the FCA when the administrator’s benchmark:

(a) exceeds the threshold in paragraph 1(a); or

(b) fulfils the criterion in paragraph 1(c)(ii) and there is reason to believe that it also fulfils the criterion in paragraph 1(c)(iii).”.”.

Commencement Information

I1 Reg. 58 in force at 31.12.2020 immediately before IP completion day, see reg. 1(4)

(1)

S.I. 2019/657, as amended by S.I. 2020/646.