EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) so as to specify additional benchmarks.
Article 3 of this Order makes amendments to Schedule 5 to the Regulated Activities Order to specify additional benchmarks.
Article 4 provides for a Part 4A permission to be varied and deemed to be extended to those authorised persons who immediately before commencement of this Order were providing information to the administrator of, or administering a previously specified benchmark.
Article 5 provides for an interim permission to be granted to persons wishing to undertake the activities of providing information to the administrator of or administering a newly specified benchmark. This permission is granted automatically to those already undertaking these activities on commencement of this Order. An interim permission lapses once permission is cancelled by the FCA after an application for a Part 4A permission to carry on these activities has been granted or if no application is made within three months.
Article 6 enables the FCA to modify, amongst other things, its rules in their application to persons with interim permission.
Article 7 sets out the application of the Act to persons with interim permission.
Article 8 provides the FCA with powers to impose requirements on the existing benchmark administrator and submitters in respect of any additional benchmarks that they administer or for which they submit information.
Article 9 amends S.I. 2013/637 to specify the additional benchmarks as relevant benchmarks for the purposes of the offences in section 91 of the Financial Services Act 2012 (c.21) concerning false or misleading statements in relation to benchmarks.
A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.gov.uk and is published alongside the Regulations on www.legislation.gov.uk.