BENCH 2.1 Parts of the Handbook applicable to regulated benchmark administrators and benchmark contributors

BENCH 2.1.1G
1
  1. (1)

    The parts of the Handbook applicable to regulated benchmark administrators when they carry out the regulated activity of administering a benchmark are listed in BENCH 2.1.2G.4

  2. (2)

    Regulated benchmark administrators should read the applicable parts of the Handbook to find out what the detailed regulatory requirements are for the regulated activity of administering a benchmark. Firms should note that in some cases, different Handbook provisions apply depending on whether or not the regulated benchmark administrator is an Annex II benchmark administrator (see MAR 8.5.2R, MAR 8.5.4R and MAR 8.5.7R).4

  3. (3)

    Regulated benchmark administrators which also carry on other regulated activities may be subject to other parts of the Handbook as well. The table in BENCH 2.1.2G does not refer to those.4

  4. (4)

    In some cases, the application of other parts of the Handbook is excluded in relation to a firm’s benchmark activities (see the relevant Handbook provisions for the detailed application).4

  5. (5)

    Regulated benchmark administrators are also reminded of their directly applicable obligations under the benchmarks regulation and legislation made under that regulation. 4

BENCH 2.1.2G

Parts of the Handbook applicable to the the regulated activity of administering a benchmark.4

Part of the Handbook

Applicability to the regulated activity of administering a benchmark4

High Level Standards

Principles for Businesses (PRIN)

This applies.

Senior Management Arrangements4, Systems and Controls (SYSC)

The detailed application of this is set out in SYSC 1 Annex 1. However, in general, only the following parts of SYSC will be relevant to a firm which only has permission to carry on the regulated activity of administering a benchmark:4

(a) SYSC 1;4

(b) SYSC 18.3.9G;4

(c) SYSC 22. 4

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4

Statements of Principle and Code of Practice for Approved Persons (APER)

This applies to an approved person of a firm that is not a relevant authorised person4.

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2Code of Conduct sourcebook (COCON)

This applies to conduct rules staff of relevant authorised persons.

The Fit and Proper test for Approved Persons and specified significant-harm functions4 (FIT)

This applies.

General Provisions (GEN)

This applies. However, the application of GEN 4 is very limited in relation to administering a benchmark. GEN 7 does not apply to the activity of administering a benchmark.4

Fees Manual (FEES)

This applies.

Business Standards

Market Conduct Sourcebook (MAR)

MAR 1 (Market Abuse)3, MAR 2 (Stabilisation) and MAR 8 (Benchmarks) apply.

Regulatory processes

Supervision manual (SUP)

This applies, with the following qualifications:

(a) In general only the following parts of SUP will be relevant to a firm which only has permission to carry on the regulated activity of administering a benchmark: SUP 1-2, SUP 5-8, SUP 9-10A, SUP 15-15B, SUP 16.1-16.3 and SUP 16.10.4

(b) SUP 10A only applies to a regulated benchmark administrator which is not a relevant authorised person (but not all controlled functions apply to a firm which only has permission to carry on the regulated activity of administering a benchmark).4

(c) SUP 10C only applies to a regulated benchmark administrator which is a relevant authorised person.4

Decision Procedure and Penalties Manual (DEPP)

This applies.

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Handbook Guides

General guidance on Benchmark Administration, Contribution and Use4 (BENCH)

This applies.

Regulatory Guides

The Enforcement Guide (EG)

This applies.

The Perimeter Guidance Manual (PERG)

This applies.

Glossary of definitions

This applies.