Financial Services Act 2021

17 Policy statements relating to critical benchmarks

(1) In the Benchmarks Regulation, after Article 23E (inserted by section 16) insert—

“Article 23F Policy statements

1. The FCA must prepare and publish a statement of its policy with respect to—

(a) the exercise of its power under Article 21A,

(b) the designation of benchmarks under Article 23A,

(c) the exercise of its powers under Article 23C, and

(d) the exercise of its powers under Article 23D.

2. The FCA—

(a) may alter or replace a statement published under this Article, and

(b) if it does so, must publish the altered or replacement statement.

3. A statement published under this Article must be published in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

4. The FCA—

(a) must give a copy of a statement under this Article to the Treasury before publishing it, and

(b) may charge a reasonable fee for providing a person with a copy of a statement published under this Article.

5. In making a decision under Article 23A, or exercising its powers under any of Article 21A, 23C or 23D, the FCA must have regard to any relevant statement of policy published under this Article and in force at the time.”

(2) The FCA’s duty under Article 23F(1) of the Benchmarks Regulation (inserted by subsection (1)) to prepare and publish a statement may be satisfied by things done by the FCA before subsection (1) comes into force (as well as by things done after that time).