Explanatory Note
(This note is not part of the Regulations)
These Regulations make provision in respect of a notice or permission given by the Financial Conduct Authority to a benchmark administrator under Articles 22A, 22B, 23A and 23D 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.
In these Regulations:
— regulation 5 imposes an obligation on the administrator of a critical benchmark to provide an address to which the Financial Conduct Authority may send a notice or permission electronically;
— regulation 6 makes provision for when a notice or permission sent in such a manner is deemed to have been received.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument on www.legislation.gov.uk.