Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

BENCH 1.1 Application and purpose

Application

BENCH 1.1.1G

1This special guide is for firms which2;

2
  1. (1)

    carry out the regulated activity of administering a benchmark;2

  2. (2)

    2contribute input data to a BMR benchmark administrator; or

  3. (3)

    2use a benchmark.

Purpose

BENCH 1.1.2G

The purpose of this special guide is to2:

2
  1. (1)

    2help regulated benchmark administrators by setting out which parts of the Handbook apply to them when they carry out the regulated activity of administering a benchmark;

  2. (2)

    2help benchmark contributors by setting out which parts of the Handbook apply to them when they contribute input data to a BMR benchmark administrator;

  3. (3)

    2remind all firms of their obligations under the benchmarks regulation when using a benchmark.

2

Benchmarks Regulation and transitional arrangements

BENCH 1.1.3G
  1. (1)

    The EU benchmarks regulation applied from 1 January 2018.3 The benchmarks regulation is the United Kingdom version of this EU regulation and applies from IP completion day53.

    2
  2. (2)

    Various changes were made to the Regulated Activity Order as a result of the EU3 benchmarks regulation . In particular:

    1. (a)

      A3 new regulated activity of: administering a benchmark (article 63S of the Regulated Activities Order) was introduced3.

    2. (b)

      The regulated activity of administering a specified benchmark ceased3 to apply (subject to the transitional provisions described in SUP TP 10).

    3. (c)

      The regulated activity of providing information in relation to a specified benchmark ceased3 to apply (subject to the transitional provisions described in SUP TP 10). However, benchmark contributors which contribute input data to a BMR benchmark administrator are still subject to various requirements in the Handbook and are subject to the benchmarks regulation when doing so.

  3. (3)

    SUP TP 10 contains guidance on the transitional arrangements governing the changes to the regulated activities above.

  4. (4)

    The following transitional provisions are also relevant to a firm which, immediately before 1 January 2018, was authorised to administer a specified benchmark or to provide information in relation to a specified benchmark:

    1. (a)

      SYSC TP 6 and SYSC TP 74;

    2. (b)

      FEES TP 17AR;

    3. (c)

      MAR TP 1; and

    4. (d)

      SUP TP 10.