uri:annex/i/division/2/division/3
- Maintain an independent oversight committee for your interest rate benchmark
Retained EU Law
2016
United Kingdom
Benchmarks Regulation — retained EU law (BMR)
At a glance
Enforced by
What's here
16 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
uri:annex/ii/division/1/division/2
- Publish or make available key methodology elements for each commodity benchmark
uri:annex/ii/division/2/division/5
- Regularly review benchmark methodologies and consult users
uri:annex/ii/division/6/division/11
- Keep audit trail records for at least 5 years
uri:annex/ii/division/7/division/13
- Manage conflicts of interest in commodity benchmark administration
uri:annex/ii/division/7/division/15
- Disclose conflicts of interest arising from ownership to users
uri:annex/ii/division/8/division/17
- Resolve daily pricing disputes and notify market of price changes
uri:annex/ii/division/9
- Appoint independent auditor for commodity benchmark methodology
uri:annex/iii/division/3
- Adopt and publicise methodology change procedures and conduct annual reviews
Oversight function requirements
- Set up and run a permanent oversight function for your benchmarks
Methodology
- Use a robust, reliable and transparent benchmark methodology
Governance and control requirements for supervised contributors
- Put in place governance and controls for benchmark input data
UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks
- Follow Annex III requirements for climate transition and Paris-aligned benchmarks
Mandatory contribution to a critical benchmark
- Contribute input data to a critical benchmark during cessation
Orderly cessation of Article 23A benchmarks
Other duties (1) — Crown / regulator
- FCA can impose requirements for orderly benchmark cessation Statutory regulator
Use of a benchmark
- Only use FCA-registered benchmarks
Browse 100 other sections — procedural / definitional / commencement
uri:annex/4/division/11
uri:annex/4/division/4
uri:annex/4/division/5
uri:annex/4/division/6
uri:annex/4/division/7
uri:annex/4/division/8
uri:annex/4/division/9
uri:annex/i/division/3/division/4
uri:annex/i/division/4/division/10
uri:annex/i/division/4/division/12
uri:annex/i/division/4/division/6
uri:annex/i/division/4/division/7
uri:annex/i/division/4/division/8
uri:annex/i/division/4/division/9
uri:annex/ii/division/1/division/1
uri:annex/ii/division/1/division/3
uri:annex/ii/division/2/division/4
uri:annex/ii/division/3/division/6
uri:annex/ii/division/3/division/7
uri:annex/ii/division/4/division/8
uri:annex/ii/division/5/division/9
uri:annex/ii/division/6/division/10
uri:annex/ii/division/7/division/12
uri:annex/ii/division/7/division/14
uri:annex/ii/division/8/division/16
uri:annex/iii/division/1
uri:annex/iii/division/2
Subject-matter
Scope
Definitions
Governance and conflict of interest requirements
Control framework requirements
Accountability framework requirements
Record-keeping requirements
Complaints-handling mechanism
Outsourcing
Input data
Transparency of methodology
Reporting of infringements
Code of conduct
Regulated-data benchmarks
Interest rate benchmarks
Commodity benchmarks
Requirements for UK Climate Transition Benchmarks
Exclusions for UK Paris-aligned Benchmarks
Endeavour to provide UK Climate Transition Benchmarks
Critical benchmarks: conditions and other matters
Mandatory administration of a critical benchmark
Prohibition on new use where administrator to cease providing critical benchmark
Mitigation of market power of critical benchmark administrators
Assessment of representativeness of critical benchmarks: administrator
Assessment of representativeness of critical benchmarks: FCA
Designation of certain critical benchmarks
Prohibition on use of Article 23A benchmark
Exception from the prohibition for legacy use of Article 23A benchmark
Review of exercise of powers under Article 23D
Policy statements
References to Article 23A benchmarks
References to Article 23A benchmarks: further provision
Liability of administrator of Article 23A benchmark
Critical benchmarks provided for different currencies etc
Significant benchmarks
Exemptions from specific requirements for significant benchmarks
Non-significant benchmarks
Compliance with requirements
Benchmark statement
Changes to and cessation of a benchmark
Equivalence
Withdrawal of registration of an administrator located in a third country
Recognition of an administrator located in a third country
Endorsement of benchmarks provided in a third country
Authorisation and registration of an administrator
Withdrawal or suspension of authorisation or registration
Register of administrators and benchmarks
Delegation of tasks between competent authorities
Disclosure of information from another Member State
Cooperation on on-site inspections and investigations
Competent authorities
Powers of competent authorities
Administrative sanctions and other administrative measures
Exercise of supervisory powers and imposition of sanctions
Obligation to cooperate
Publication of decisions
Cessation of a critical benchmark in certain circumstances
Cooperation with ESMA
Professional secrecy
Provision of information and documents
Periods of time
Regulations made by the Treasury
Committee procedure
Transitional provisions
Deadline for updating the prospectuses and key information documents
ESMA reviews
Review
Notification of benchmarks referenced and their administrators
Amendments to Regulation (EU) No 596/2014
Amendments to Directive 2008/48/EC
Amendments to Directive 2014/17/EU
Entry into force
Critical benchmarks: review of critical benchmarks
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
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