{
  "url": "https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-15",
  "json_url": "https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-15.json",
  "legislation": "uksi/2019/657",
  "legislation_title": "The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019",
  "path": "regulation/15",
  "kind": "regulation",
  "number": "15",
  "heading": "Critical benchmarks: review of critical benchmarks",
  "text": "Before Article 20 (critical benchmarks) insert—\n“Article A20\nCritical benchmarks: review of critical benchmarks\n1 The FCA must conduct a proportionate review of critical benchmarks in accordance with paragraphs 2 to 4 , taking into account information provided to it under paragraph A1 of Article 20.\n2 The review must consider:\n(a) whether an administrator located in the United Kingdom provides a benchmark that either:\n(i) satisfies one or more of conditions (a), (b) or (c) of paragraph 1 of Article 20; or\n(ii) satisfies only points (c)(ii) and (iii) of paragraph 1 of Article 20; and\n(b) where a benchmark satisfies point (a)(i) or (ii) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.\n3 The FCA must provide a written report to the Treasury:\n(a) setting out the result of the review; and\n(b) making a recommendation as to whether any benchmark that satisfies point (a)(i) or (ii) of paragraph 2 should be recognised as critical.\n4 The FCA must conduct the review and provide the report to the Treasury:\n(a) within the period of two years beginning with IP completion day; and\n(b) thereafter, at intervals of at least every two years, with each interval beginning with the date on which the last report was provided.\n5 The Treasury must by regulations specify that a benchmark is critical if:\n(a) the FCA has recommended that the benchmark is recognised as critical in accordance with the review procedure specified in paragraphs 2 and 3; and\n(b) the Treasury determines that the FCA's review complies with the requirements of paragraphs 2 and 3.\n6 The Treasury may by regulations specify that a benchmark is critical if:\n(a) the benchmark is provided by an administrator located in the United Kingdom; and\n(b) the Treasury considers that the benchmark either:\n(i) satisfies one or more of conditions (a), (b), or (c) in paragraph 1 of Article 20; or\n(ii) satisfies only the criteria in point (c)(ii) and (iii) in paragraph 1 of Article 20.\n7 The Treasury may not specify a regulated-data benchmark as a critical benchmark under paragraph 5 or 6 of this Article or under paragraph 5 of Article 20.”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 15 substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 58(6)(a)(i)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 15 inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 58(6)(a)(ii)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in reg. 15 substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 58(6)(b)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 15 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 34(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2019/657/regulation/15",
    "retrieved_at": "2026-10-28T22:43:31.658757+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}