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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.

Article 3 Supervisory cooperation

  1. (1)

    Cooperation arrangements shall specify a framework for the coordination of supervisory activities of the parties in the area of benchmarks supervision, including at least the following requirements:

    1. (a)

      a requirement that a signatory wishing to undertake a supervisory activity make an initial written request with respect to the activity;

    2. (b)

      a requirement that the request set out the factual and legal background to, and an estimated time frame for, the activity in question;

    3. (c)

      a requirement that the other signatory acknowledges receipt of the request in writing within 10 working days of receipt.

  2. (2)

    For the purposes of coordinating on-site inspections in the competent authority's jurisdiction in the third country, cooperation arrangements shall set out a procedure for the parties to reach an understanding on the terms governing such on-site inspections, including at least terms stating their respective roles and responsibilities, the right of the competent authority of the third country to accompany any on-site inspection and any duty on that authority to assist in reviewing, interpreting and analysing the contents of public and non-public books and records and in obtaining information from directors and senior management of any administrator covered by the arrangements.