Regulation 26 Use of a benchmark

(1)

Article 29 (use of a benchmark) is amended as follows.

(2)

In paragraph 1—

(a)

for “Union”, where it first occurs, substitute “United Kingdom”;

(b)

for the words from “benchmark is provided by” to the end substitute—

“benchmark:

(a)

is on the FCA register; or

(b)

is provided by an administrator who is on the FCA register and located in the United Kingdom.”.

(3)

In paragraph 2—

(i)

for “under Directive 2003/71/EC or Directive 2009/65/EC” substitute “in accordance with rules made by the FCA under section 84 or 248 of FSMA, as those rules have effect on exit day”^f1;

(ii)

for “register referred to in Article 36 of this Regulation” substitute “FCA register”.

Annotations

Footnotes

f1: Section 84 was substituted by S.I. 2005/1433 and amended by section 16(3)(a) of the Financial Services Act 2012 (c.21) and S.I. 2012/1538. Section 248 was amended by paragraph 9(2)(b) of Part 1 of Schedule 18 to that Act.