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FINANCIAL SERVICES AND MARKETS

Made 21st October 2024

Laid before Parliament 22nd October 2024

Coming into force 13th November 2024

The Treasury make these Regulations in exercise of the power conferred by Article A20(5) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.f1

In accordance with Article A20 of that Regulation:

  1. (a)

    the Financial Conduct Authority has recommended that the benchmarks specified in these Regulations should be recognised as critical in accordance with the review procedure in paragraphs 2 and 3 of Article A20;

  2. (b)

    the Treasury have determined for the purposes of paragraph 5 of Article A20 that the Financial Conduct Authority’s review complies with the requirements of paragraphs 2 and 3 of Article A20.

Annotations

Footnotes

f1

EUR 2016/1011, amended by the Financial Services Act 2021 (c. 22) and S.I. 2019/657; there are other amending instruments but none is relevant. Article A20(5) was added by S.I. 2019/657 and amended by paragraph 5 of Schedule 5 to the Financial Services Act 2021. Article 49 was substituted by S.I. 2019/657.