2019 No. 1256

Financial Services And Markets

The Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019

Made

Laid before Parliament

Coming into force

The Treasury make the following Regulations in exercise of the power conferred by section 2(2) of the European Communities Act 19721.

The Treasury are designated2 in relation to financial services for the purposes of that section of that Act.

Citation and commencement1

These Regulations may be cited as the Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019 and come into force on 14th October 2019.

Amendment of the Financial Services and Markets Act 2000 (Benchmarks) Regulations 20182

1

The Financial Services and Markets Act 2000 (Benchmarks) Regulations 20183 are amended as follows.

2

In regulation 5(2)(e) (FCA powers over Miscellaneous BM persons) after “relying on” insert “Article 46(8) or”.

3

In regulation 6(1)(b) (FCA’s power to impose requirements) at the end insert “but only in respect of a Miscellaneous BM person coming within regulation 5(2)(d) or (e)”.

David RutleyMike FreerTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135) (“the 2018 Regulations”).

They amend the definition of a “Miscellaneous BM [Benchmarks] Person” to include a person who administers a benchmark in accordance with Article 46(8) of Regulation EU 2016/1011 (OJ No. L171 29.06.2016, p.1). They also clarify that the Financial Conduct Authority may only exercise its powers to impose requirements, in order to advance any of its operational objectives, in respect of those Miscellaneous BM Persons described in regulation 5(2)(d) or (e) of the 2018 Regulations.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.