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Regulation (EU) 2016/1011 of the European Parliament and of the CouncilShow full title

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 and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)

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  • Art. 53 replacement by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)

Changes and effects yet to be applied to the whole legislation item and associated provisions

  • Title 6 Ch. 4 addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 3.1(24) words omitted by S.I. 2019/657 reg. 5(10)(f) (This amendment not applied to legislation.gov.uk. Reg. 5(10)(f) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 58(4))
  • Art. 51(1B)(a)(ii) words substituted in earlier amending provision S.I. 2019/657, reg. 42(2) by S.I. 2019/1212 reg. 20(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 20(2) omitted (30.6.2020) by virtue of S.I. 2020/628, regs. 1(4), 16)
  • Art. 51(2)(b) word substituted by S.I. 2019/657 reg. 42(3)(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 42(3) substituted immediately before IP completion day by S.I. 2020/628, regs. 1(3), 12(6)(b))
  • Art. 51(2)(b) words substituted by S.I. 2019/657 reg. 42(3)(b)(ii) (This amendment not applied to legislation.gov.uk. Reg. 42(3) substituted immediately before IP completion day by S.I. 2020/628, regs. 1(3), 12(6)(b))

  1. Introductory Text

  2. TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

    1. Article 1.Subject-matter

    2. Article 2.Scope

    3. Article 3.Definitions

  3. TITLE II BENCHMARK INTEGRITY AND RELIABILITY

    1. CHAPTER 1 Governance of and control by administrators

      1. Article 4.Governance and conflict of interest requirements

      2. Article 5.Oversight function requirements

      3. Article 6.Control framework requirements

      4. Article 7.Accountability framework requirements

      5. Article 8.Record-keeping requirements

      6. Article 9.Complaints-handling mechanism

      7. Article 10.Outsourcing

    2. CHAPTER 2 Input data, methodology and reporting of infringements

      1. Article 11.Input data

      2. Article 12.Methodology

      3. Article 13.Transparency of methodology

      4. Article 14.Reporting of infringements

    3. CHAPTER 3 Code of conduct and requirements for contributors

      1. Article 15.Code of conduct

      2. Article 16.Governance and control requirements for supervised contributors

  4. TITLE III REQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS

    1. CHAPTER 1 Regulated-data benchmarks

      1. Article 17.Regulated-data benchmarks

    2. CHAPTER 2 Interest rate benchmarks

      1. Article 18.Interest rate benchmarks

    3. CHAPTER 3 Commodity benchmarks

      1. Article 19.Commodity benchmarks

    4. CHAPTER 3A UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks

      1. Article 19a.UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks

      2. Article 19b.Requirements for UK Climate Transition Benchmarks

      3. Article 19c.Exclusions for UK Paris-aligned Benchmarks

      4. Article 19d.Endeavour to provide UK Climate Transition Benchmarks

    5. CHAPTER 4 Critical benchmarks

      1. Article A20.Critical benchmarks: review of critical benchmarks

      2. Article 20.Critical benchmarks: conditions and other matters

      3. Article 21.Mandatory administration of a critical benchmark

      4. Article 21A.Prohibition on new use where administrator to cease providing critical benchmark

      5. Article 22.Mitigation of market power of critical benchmark administrators

      6. Article 22A.Assessment of representativeness of critical benchmarks: administrator

      7. Article 22B.Assessment of representativeness of critical benchmarks: FCA

      8. Article 23.Mandatory contribution to a critical benchmark

      9. Article 23A.Designation of certain critical benchmarks

      10. Article 23B.Prohibition on use of Article 23A benchmark

      11. Article 23C.Exception from the prohibition for legacy use of Article 23A benchmark

      12. Article 23D.Orderly cessation of Article 23A benchmarks

      13. Article 23E.Review of exercise of powers under Article 23D

      14. Article 23F.Policy statements

      15. Article 23FA.References to Article 23A benchmarks

      16. Article 23FB.References to Article 23A benchmarks: further provision

      17. Article 23FC.Liability of administrator of Article 23A benchmark

      18. Article 23G.Critical benchmarks provided for different currencies etc

    6. CHAPTER 5 Significant benchmarks

      1. Article 24.Significant benchmarks

      2. Article 25.Exemptions from specific requirements for significant benchmarks

    7. CHAPTER 6 Non-significant benchmarks

      1. Article 26.Non-significant benchmarks

    8. CHAPTER 7 COMPLIANCE WITH REQUIREMENTS

      1. Article 26A.Compliance with requirements

  5. TITLE IV TRANSPARENCY AND CONSUMER PROTECTION

    1. Article 27.Benchmark statement

    2. Article 28.Changes to and cessation of a benchmark

  6. TITLE V USE OF BENCHMARKS IN THE UNITED KINGDOM

    1. Article 29.Use of a benchmark

    2. Article 30.Equivalence

    3. Article 31.Withdrawal of registration of an administrator located in a third country

    4. Article 32.Recognition of an administrator located in a third country

    5. Article 33.Endorsement of benchmarks provided in a third country

  7. TITLE VI AUTHORISATION, REGISTRATION AND SUPERVISION OF ADMINISTRATORS

    1. CHAPTER 1 Authorisation and registration

      1. Article 34.Authorisation and registration of an administrator

      2. Article 35.Withdrawal or suspension of authorisation or registration

      3. Article 36.Register of administrators and benchmarks

    2. CHAPTER 2 Supervisory cooperation

      1. Article 37.Delegation of tasks between competent authorities

      2. Article 38.Disclosure of information from another Member State

      3. Article 39.Cooperation on on-site inspections and investigations

    3. CHAPTER 3 Role of competent authorities

      1. Article 40.Competent authorities

      2. Article 41.Powers of competent authorities

      3. Article 42.Administrative sanctions and other administrative measures

      4. Article 43.Exercise of supervisory powers and imposition of sanctions

      5. Article 44.Obligation to cooperate

      6. Article 45.Publication of decisions

      7. Article 46.Cessation of a critical benchmark in certain circumstances

      8. Article 47.Cooperation with ESMA

      9. Article 48.Professional secrecy

  8. TITLE 6A PROVISION OF INFORMATION AND PERIODS OF TIME

    1. Article 48A.Provision of information and documents

    2. Article 48B.Periods of time

  9. TITLE VII Power to make regulations

    1. Article 49.Regulations made by the Treasury

    2. Article 50.Committee procedure

  10. TITLE VIII TRANSITIONAL AND FINAL PROVISIONS

    1. Article 51.Transitional provisions

    2. Article 52.Deadline for updating the prospectuses and key information documents

    3. Article 53.ESMA reviews

    4. Article 54.Review

    5. Article 55.Notification of benchmarks referenced and their administrators

    6. Article 56.Amendments to Regulation (EU) No 596/2014

    7. Article 57.Amendments to Directive 2008/48/EC

    8. Article 58.Amendments to Directive 2014/17/EU

    9. Article 59.Entry into force

  11. Signature

    1. ANNEX I

      INTEREST RATE BENCHMARKS

      1. Accurate and sufficient data

        1. 1. For the purposes of points (a) and (c) of Article...

        2. 2. For the purposes of point (a) of Article 11(1) and...

      2. Oversight function

        1. 3. The following requirements shall apply in substitution for the requirements...

      3. Auditing

        1. 4. The administrator of an interest rate benchmark shall appoint an...

      4. Contributor systems and controls

        1. 5. The following requirements shall apply to contributors to interest rate...

        2. 6. Each contributor's submitter and the direct managers of that submitter...

        3. 7. A contributor's systems and controls shall include:

        4. 8. A contributor to an interest rate benchmark shall keep detailed...

        5. 9. Records shall be kept on a medium that allows the...

        6. 10. The compliance function of the contributor to an interest rate...

        7. 11. Input data and procedures shall be subject to regular internal...

        8. 12. An external audit of the input data of a contributor...

    2. ANNEX II

      COMMODITY BENCHMARKS

      1. Methodology

        1. 1. The administrator of a commodity benchmark shall formalise, document, and...

        2. 2. The administrator of a commodity benchmark shall publish or make...

        3. 3. Along with the methodology referred to in paragraph 2, the...

      2. Changes to a methodology

        1. 4. The administrator of a commodity benchmark shall adopt and make...

        2. 5. The administrator of a commodity benchmark shall regularly examine its...

      3. Quality and integrity of benchmark calculations

        1. 6. The administrator of a commodity benchmark shall:

        2. 7. The administrator of a commodity benchmark shall describe and publish...

      4. Integrity of the reporting process

        1. 8. The administrator of a commodity benchmark shall:

      5. Assessors

        1. 9. In relation to the role of an assessor, the administrator...

      6. Audit trails

        1. 10. The administrator of a commodity benchmark shall have rules and...

        2. 11. The administrator of a commodity benchmark shall have rules and...

      7. Conflicts of interest

        1. 12. The administrator of a commodity benchmark shall establish adequate policies...

        2. 13. The administrator of a commodity benchmark shall ensure that its...

        3. 14. The administrator of a commodity benchmark shall ensure that it...

        4. 15. The administrator of a commodity benchmark shall disclose to its...

      8. Complaints

        1. 16. The administrator of a commodity benchmark shall have in place...

        2. 17. Disputes as to daily pricing determinations, which are not formal...

      9. External auditing

        1. 18. The administrator of a commodity benchmark shall appoint an independent...

    3. ANNEX III

      UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks

      1. Methodology for UK Climate Transition Benchmarks

      2. Methodology for UK Paris-aligned Benchmarks

      3. Changes to the methodology

    4. ANNEX 4

      ARTICLE 23A BENCHMARKS

      1. 1 This Regulation applies in relation to an Article 23A benchmark...

      2. 2 The modifications referred to in paragraph 1(a) are the following—...

      3. 3 The FCA may, in accordance with paragraphs 4 to 9,...

      4. 4 If the FCA proposes that this Regulation should apply to...

      5. 5 A notice under paragraph 4 must—

      6. 6 If, after considering any representations made in accordance with paragraph...

      7. 7 A notice under paragraph 6 must—

      8. 8 A notice under paragraph 6 must be published as soon...

      9. 9 The FCA—

      10. 10 Paragraphs 11 to 13 apply where the FCA gives the...

      11. 11 The FCA must, before the end of the period of...

      12. 12 During the interim period, the benchmark administrator is only required...

      13. 13 In paragraph 12, “ interim period ” means a period...

      14. 14 References in this Annex to varying modifications (however expressed) include...

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