Regulation 22 Non-significant benchmarksI1

United Kingdom

(1)

Article 26 (non-significant benchmarks) is amended as follows.

(2)

In paragraphs 2 and 3, for “its competent authority” substitute “ the FCA ”.

(3)

In paragraph 4—

(a)

in the first sentence, for “relevant competent authority” substitute “ FCA ”;

(b)

in the second sentence—

(i)

for “competent authority” substitute “ FCA ”;

(ii)

for “Article 41” substitute “ any United Kingdom legislation which was relied on by the United Kingdom before F1IP completion day to implement Article 41 of the EU Benchmarks Regulation ”.

(4)

In paragraph 5—

(a)

in the first subparagraph, for “ESMA shall develop draft implementing” substitute “ The FCA may make ”;

(b)

omit the second and third subparagraphs.

Annotations

Textual amendments

F1: Words in reg. 22(3)(b)(ii) 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(e)

Commencement

I1: Reg. 22 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)