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Critical Benchmarks (References And Administrators’ Liability) Act 2021

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The Critical Benchmarks (References and Administrators’ Liability) Act 2021 (c. 33) supports the orderly wind-down of critical benchmarks, protecting both users of these benchmarks and the integrity of the UK’s financial markets.
The Act supports the effective operation of the powers granted to the Financial Conduct Authority (FCA) under the Financial Services Act 2021 to oversee the wind-down of a critical benchmark. In particular, this Act provides legal certainty as to how contractual references to a critical benchmark should be treated where the FCA exercises powers under the Benchmarks Regulation (BMR) to provide for the continuity of an unrepresentative critical benchmark.
The Act also grants an immunity to the administrator of a critical benchmark that is designated under Article 23A of the BMR where the administrator acts in accordance with specific requirements imposed upon it by the FCA.