BENCH 1.1 Application and purpose
Application
1This special guide is for firms which2;
2- (1)
carry out the regulated activity of administering a benchmark;2
- (2)
2contribute input data to a BMR benchmark administrator; or
- (3)
Purpose
The purpose of this special guide is to2:
2- (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)
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)
2remind all firms of their obligations under the benchmarks regulation when using a benchmark.
Benchmarks Regulation and transitional arrangements
- (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)
Various changes were made to the Regulated Activity Order as a result of the EU3 benchmarks regulation . In particular:
- (a)
A3 new regulated activity of: administering a benchmark (article 63S of the Regulated Activities Order) was introduced3.
- (b)
The regulated activity of administering a specified benchmark ceased3 to apply (subject to the transitional provisions described in SUP TP 10).
- (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.
- (a)
- (3)
SUP TP 10 contains guidance on the transitional arrangements governing the changes to the regulated activities above.
- (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: