TITLE VUSE OF BENCHMARKS IN THE UNITED KINGDOM
Article 31Withdrawal of registration of an administrator located in a third country
1.
F1The FCA shall withdraw the registration of an administrator located in a third country by removing that administrator from the F2FCA register where it has well-founded reasons, based on documented evidence, that the administrator:
(a)
is acting in a manner which is clearly prejudicial to the interests of the users of its benchmarks or the orderly functioning of markets; or
(b)
has seriously infringed the national legislation in the third country or other provisions applicable to it in the third country and on the basis of which the F3Treasury have made regulations in accordance with Article 30(2) or (3) (on or after IP completion day) or the European Commission adopted an implementing decision in accordance with Article 30(2) or (3) of the EU Benchmarks Regulation (before IP completion day).
2.
F4The FCA shall take a decision under paragraph 1 only if the following conditions are fulfilled:
(a)
F5the FCA has referred the matter to the competent authority of the third country and that competent authority has not taken the appropriate measures needed to protect investors and the orderly functioning of the markets in the F6United Kingdom, or has failed to demonstrate that the administrator concerned complies with the requirements applicable to it in the third country;
(b)
F7the FCA has informed the competent authority of the third country of its intention to withdraw the registration of the administrator, at least 30 days before the withdrawal.
3.
F8The FCA shall publish its decision on its website.