# The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, Regulation 15: Critical benchmarks: review of critical benchmarks

Extent: E+W+S+N.I.

Before Article 20 (critical benchmarks) insert—
“Article A20
Critical benchmarks: review of critical benchmarks
1 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.
2 The review must consider:
(a) whether an administrator located in the United Kingdom provides a benchmark that either:
(i) satisfies one or more of conditions (a), (b) or (c) of paragraph 1 of Article 20; or
(ii) satisfies only points (c)(ii) and (iii) of paragraph 1 of Article 20; and
(b) where a benchmark satisfies point (a)(i) or (ii) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.
3 The FCA must provide a written report to the Treasury:
(a) setting out the result of the review; and
(b) making a recommendation as to whether any benchmark that satisfies point (a)(i) or (ii) of paragraph 2 should be recognised as critical.
4 The FCA must conduct the review and provide the report to the Treasury:
(a) within the period of two years beginning with IP completion day; and
(b) thereafter, at intervals of at least every two years, with each interval beginning with the date on which the last report was provided.
5 The Treasury must by regulations specify that a benchmark is critical if:
(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
(b) the Treasury determines that the FCA's review complies with the requirements of paragraphs 2 and 3.
6 The Treasury may by regulations specify that a benchmark is critical if:
(a) the benchmark is provided by an administrator located in the United Kingdom; and
(b) the Treasury considers that the benchmark either:
(i) satisfies one or more of conditions (a), (b), or (c) in paragraph 1 of Article 20; or
(ii) satisfies only the criteria in point (c)(ii) and (iii) in paragraph 1 of Article 20.
7 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.”.

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Source: https://www.legislation.gov.uk/uksi/2019/657/regulation/15 (the official version)
Page: https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.