Retained EU Law SI 2016 United Kingdom

Benchmarks Regulation — retained EU law (BMR)

Read it on legislation.gov.uk (opens in a new tab)
Enforced by
FCA
Status
Amended (in force with amendments)
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Director or Officer14 Any Person3

Plus 8 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties
Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

uri:annex/4/division/11 uri:annex/4/division/11 Regulated
Other duties (1) — Crown / regulator
  • FCA must consider exercising benchmark power within 3 months of noticeStatutory regulator
uri:annex/4/division/4 uri:annex/4/division/4 Regulated
Other duties (1) — Crown / regulator
  • FCA must give written notice of proposed benchmark modificationsStatutory regulator
uri:annex/4/division/5 uri:annex/4/division/5 Regulated
Other duties (1) — Crown / regulator
  • FCA must explain proposed changes and allow 14-day representations in noticesStatutory regulator
uri:annex/4/division/6 uri:annex/4/division/6 Regulated
Other duties (1) — Crown / regulator
  • FCA must give administrator written notice of modifications decisionStatutory regulator
uri:annex/4/division/7 uri:annex/4/division/7 Regulated
Other duties (1) — Crown / regulator
  • FCA notices must specify changes, reasons and explain effectsStatutory regulator
uri:annex/4/division/8 uri:annex/4/division/8 Regulated
Other duties (1) — Crown / regulator
  • FCA must publish notices under paragraph 6Statutory regulator
uri:annex/4/division/9 uri:annex/4/division/9 Regulated
Other duties (1) — Crown / regulator
  • FCA must give Treasury a copy of notices before publishingStatutory regulator
uri:annex/i/division/2/division/3 uri:annex/i/division/2/division/3 Regulated
  • Maintain an independent oversight committee for your interest rate benchmarkDirector or Officer
uri:annex/ii/division/1/division/2 uri:annex/ii/division/1/division/2 Regulated
  • Publish or make available key methodology elements for each commodity benchmarkDirector or Officer
uri:annex/ii/division/2/division/5 uri:annex/ii/division/2/division/5 Regulated
  • Regularly review benchmark methodologies and consult usersDirector or Officer
uri:annex/ii/division/6/division/11 uri:annex/ii/division/6/division/11 Regulated
  • Keep audit trail records for at least 5 yearsDirector or Officer
uri:annex/ii/division/7/division/13 uri:annex/ii/division/7/division/13 Regulated
  • Manage conflicts of interest in commodity benchmark administrationDirector or Officer
uri:annex/ii/division/7/division/15 uri:annex/ii/division/7/division/15 Regulated
  • Disclose conflicts of interest arising from ownership to usersDirector or Officer
uri:annex/ii/division/8/division/17 uri:annex/ii/division/8/division/17 Regulated
  • Resolve daily pricing disputes and notify market of price changesDirector or Officer
uri:annex/ii/division/9 uri:annex/ii/division/9 Regulated
  • Appoint independent auditor for commodity benchmark methodologyDirector or Officer
uri:annex/iii/division/1 uri:annex/iii/division/1 Regulated
  • Publish UK Climate Transition Benchmark methodology and disclosure dataDirector or Officer
uri:annex/iii/division/2 uri:annex/iii/division/2 Regulated
  • Specify formula for determining Paris Agreement emissions alignmentDirector or Officer
uri:annex/iii/division/3 uri:annex/iii/division/3 Regulated
  • Adopt and publicise methodology change procedures and conduct annual reviewsDirector or Officer
s.art005 Oversight function requirements Regulated
  • Set up and run a permanent oversight function for your benchmarksDirector or Officer
s.art012 Methodology Regulated
  • Use a robust, reliable and transparent benchmark methodologyDirector or Officer
s.art016 Governance and control requirements for supervised contributors Regulated
  • Put in place governance and controls for benchmark input dataAny Person
s.art019 UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks Regulated
  • Follow Annex III requirements for climate transition and Paris-aligned benchmarksDirector or Officer
s.art023 Mandatory contribution to a critical benchmark Regulated
  • Contribute input data to a critical benchmark during cessationAny Person
s.art023 Orderly cessation of Article 23A benchmarks Regulated
Other duties (1) — Crown / regulator
  • FCA can impose requirements for orderly benchmark cessationStatutory regulator
s.art029 Use of a benchmark Regulated
  • Only use FCA-registered benchmarksAny Person
91 other provisions — procedural and definitional
uri:annex/i/division/3/division/4 uri:annex/i/division/3/division/4
uri:annex/i/division/4/division/10 uri:annex/i/division/4/division/10
uri:annex/i/division/4/division/12 uri:annex/i/division/4/division/12
uri:annex/i/division/4/division/6 uri:annex/i/division/4/division/6
uri:annex/i/division/4/division/7 uri:annex/i/division/4/division/7
uri:annex/i/division/4/division/8 uri:annex/i/division/4/division/8
uri:annex/i/division/4/division/9 uri:annex/i/division/4/division/9
uri:annex/ii/division/1/division/1 uri:annex/ii/division/1/division/1
uri:annex/ii/division/1/division/3 uri:annex/ii/division/1/division/3
uri:annex/ii/division/2/division/4 uri:annex/ii/division/2/division/4
uri:annex/ii/division/3/division/6 uri:annex/ii/division/3/division/6
uri:annex/ii/division/3/division/7 uri:annex/ii/division/3/division/7
uri:annex/ii/division/4/division/8 uri:annex/ii/division/4/division/8
uri:annex/ii/division/5/division/9 uri:annex/ii/division/5/division/9
uri:annex/ii/division/6/division/10 uri:annex/ii/division/6/division/10
uri:annex/ii/division/7/division/12 uri:annex/ii/division/7/division/12
uri:annex/ii/division/7/division/14 uri:annex/ii/division/7/division/14
uri:annex/ii/division/8/division/16 uri:annex/ii/division/8/division/16
s.art001 Subject-matter
s.art002 Scope
s.art003 Definitions
s.art004 Governance and conflict of interest requirements
s.art006 Control framework requirements
s.art007 Accountability framework requirements
s.art008 Record-keeping requirements
s.art009 Complaints-handling mechanism
s.art010 Outsourcing
s.art011 Input data
s.art013 Transparency of methodology
s.art014 Reporting of infringements
s.art015 Code of conduct
s.art017 Regulated-data benchmarks
s.art018 Interest rate benchmarks
s.art019 Commodity benchmarks
s.art019 Requirements for UK Climate Transition Benchmarks
s.art019 Exclusions for UK Paris-aligned Benchmarks
s.art019 Endeavour to provide UK Climate Transition Benchmarks
s.art020 Critical benchmarks: conditions and other matters
s.art021 Mandatory administration of a critical benchmark
s.art021 Prohibition on new use where administrator to cease providing critical benchmark
s.art022 Mitigation of market power of critical benchmark administrators
s.art022 Assessment of representativeness of critical benchmarks: administrator
s.art022 Assessment of representativeness of critical benchmarks: FCA
s.art023 Designation of certain critical benchmarks
s.art023 Prohibition on use of Article 23A benchmark
s.art023 Exception from the prohibition for legacy use of Article 23A benchmark
s.art023 Review of exercise of powers under Article 23D
s.art023 Policy statements
s.art023 References to Article 23A benchmarks
s.art023 References to Article 23A benchmarks: further provision
s.art023 Liability of administrator of Article 23A benchmark
s.art023 Critical benchmarks provided for different currencies etc
s.art024 Significant benchmarks
s.art025 Exemptions from specific requirements for significant benchmarks
s.art026 Non-significant benchmarks
s.art026 Compliance with requirements
s.art027 Benchmark statement
s.art028 Changes to and cessation of a benchmark
s.art030 Equivalence
s.art031 Withdrawal of registration of an administrator located in a third country
s.art032 Recognition of an administrator located in a third country
s.art033 Endorsement of benchmarks provided in a third country
s.art034 Authorisation and registration of an administrator
s.art035 Withdrawal or suspension of authorisation or registration
s.art036 Register of administrators and benchmarks
s.art037 Delegation of tasks between competent authorities
s.art038 Disclosure of information from another Member State
s.art039 Cooperation on on-site inspections and investigations
s.art040 Competent authorities
s.art041 Powers of competent authorities
s.art042 Administrative sanctions and other administrative measures
s.art043 Exercise of supervisory powers and imposition of sanctions
s.art044 Obligation to cooperate
s.art045 Publication of decisions
s.art046 Cessation of a critical benchmark in certain circumstances
s.art047 Cooperation with ESMA
s.art048 Professional secrecy
s.art048 Provision of information and documents
s.art048 Periods of time
s.art049 Regulations made by the Treasury
s.art050 Committee procedure
s.art051 Transitional provisions
s.art052 Deadline for updating the prospectuses and key information documents
s.art053 ESMA reviews
s.art054 Review
s.art055 Notification of benchmarks referenced and their administrators
s.art056 Amendments to Regulation (EU) No 596/2014
s.art057 Amendments to Directive 2008/48/EC
s.art058 Amendments to Directive 2014/17/EU
s.art059 Entry into force
s.art.a20 Critical benchmarks: review of critical benchmarks

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.