Regulation 58 The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019

The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019^f1 are amended as follows.

In regulation 2 (amendment of Regulation (EU) 2016/1011), before “is amended as follows” insert “, as it forms part of retained EU law,”.

In regulation 4(b)(i) (scope), for “last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019” substitute “it forms part of retained EU law”.

In regulation 5(10) (definitions), omit sub-paragraph (f).

For regulation 13(3) (code of conduct) substitute—

“(3)

In paragraph 5—

(a)

for “relevant competent authority”, each time it occurs, substitute “FCA”;

(b)

for “application of the decision to include a critical benchmark in the list referred to in Article 20(1)” substitute “the Treasury making regulations under Articles A20(5) or (6), or 20(5) specifying a benchmark as critical”.”.

In regulation 15 (review of critical benchmarks) in new Article A20—

In regulation 16 (critical benchmarks: amendments to Article 20), after paragraph (2) insert—

“(2A)

Before paragraph 1 insert—

“A1.

An administrator shall immediately notify the FCA when the administrator’s benchmark:

(a)

exceeds the threshold in paragraph 1(a); or

(b)

fulfils the criterion in paragraph 1(c)(ii) and there is reason to believe that it also fulfils the criterion in paragraph 1(c)(iii).”.”.