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Textual Amendments
F1Pt. 2 Ch. 15E inserted (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 5
63O.—(1) The following are specified kinds of activity—
(a)providing information in relation to a specified benchmark;
(b)administering a specified benchmark.
(2) In this Chapter—
(a)“providing information” in relation to a specified benchmark means providing any information or expression of opinion that is—
(i)provided to, or for the purpose of passing to, a person who has permission to carry on the activity specified in paragraph (1)(b) in relation to that specified benchmark;
(ii)required in connection with the determination of the specified benchmark; and
(iii)provided for the purpose of determining the specified benchmark;
(b)“administering” a specified benchmark means—
(i)administering the arrangements for determining a specified benchmark;
(ii)collecting, analysing or processing information or expressions of opinion provided for the purpose of determining a specified benchmark;
(iii)determining a specified benchmark through the application of a formula or other method of calculation to the information or expressions of opinion provided for that purpose.
63P. A person does not carry on an activity of the kind specified by article 63O(1)(a) in relation to a specified benchmark where the information provided—
(a)consists solely of factual data obtained from a publicly available source; or
(b)is—
(i)compiled by a subscription service for purposes other than in connection with the determination of a specified benchmark;
(ii)provided to a person who has permission to carry on an activity of the kind specified by article 63O(1)(b) and who is a subscriber to the service; and
(iii)provided to such a person only in that person’s capacity as a subscriber.
63Q.—(1) The FCA does not carry on the activity of the kind specified by article 63O(1)(b) in relation to a specified benchmark where the FCA administers the specified benchmark itself.
(2) Where a specified benchmark is administered by the FCA, the reference in article 63O(2)(a)(i) to a person who has permission to carry on the activity specified in 63O(1)(b) in relation to that specified benchmark is to be read as referring to the FCA.
63R. Schedule 5 specifies benchmarks for the purposes of section 22(1A)(b) of the Act.]
63S.—(1) Administering a benchmark is a specified kind of activity.
(2) In paragraph (1) “administering a benchmark” means acting as an administrator of a benchmark within the meaning of Article 3 of 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 .
Textual Amendments
F2Arts. 63S, 63T inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 51 (with Pt. 7)
63T. The FCA does not carry on the activity of the kind specified by article 63S(1) in relation to a benchmark where the FCA administers the benchmark itself.]
Textual Amendments
F2Arts. 63S, 63T inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 51 (with Pt. 7)