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

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Amendment to Part 8 of the Act (provisions relating to market abuse)

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41.  After section 122H of the Act (publication of corrective statements generally) insert—

Publication of corrective statements relating to benchmarks

122HA.(1) If condition A or B is met, the FCA may, by notice in writing, require a person to publish—

(a)specified information, or

(b)a specified statement,

correcting false or misleading information made public, or a false or misleading impression given to the public, by that person.

(2) Condition A is met if the FCA considers that the publication of the information or statement is necessary for the purpose of protecting the interests of users of regulated benchmarks.

(3) Condition B is met if the FCA considers that the publication of the information or statement is necessary for the purpose of the exercise by it of its functions under Article 41(1)(j) of the EU Benchmarks Regulation 2016.

(4) Information or statements required to be published under this section must be published—

(a)before the end of such reasonable period as may be specified; and

(b)by any such method as may be specified.

(5) If a person fails to comply with a requirement to publish information or a statement under this section the FCA may publish the information or statement.

(6) But before doing so, the FCA must give that person an opportunity to make representations to it regarding its decision to publish the information or statement under subsection (5).

(7) In this section—

“specified” means specified in the notice, and

“regulated benchmark” means a regulated benchmark as defined in section 425A(7)..

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