{
  "url": "https://openlegislation.uk/draft-securities-financing-transactions-securitisation-and-miscellaneous-amendments-eu-exit-regulations-2020/regulation-58",
  "json_url": "https://openlegislation.uk/draft-securities-financing-transactions-securitisation-and-miscellaneous-amendments-eu-exit-regulations-2020/regulation-58.json",
  "legislation": "ukdsi/2020/9780348213614",
  "legislation_title": "The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020",
  "legislation_url": "https://openlegislation.uk/draft-securities-financing-transactions-securitisation-and-miscellaneous-amendments-eu-exit-regulations-2020",
  "path": "regulation/58",
  "kind": "regulation",
  "number": "58",
  "heading": "The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019",
  "text": "(1) The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 are amended as follows.\n(2) In regulation 2 (amendment of Regulation (EU) 2016/1011), before “is amended as follows” insert “, as it forms part of retained EU law,”.\n(3) 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”.\n(4) In regulation 5(10) (definitions), omit sub-paragraph (f).\n(5) For regulation 13(3) (code of conduct) substitute—\n“(3) In paragraph 5—\n(a) for “relevant competent authority”, each time it occurs, substitute “FCA”;\n(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”.”.\n(6) In regulation 15 (review of critical benchmarks) in new Article A20—\n(a) in paragraph 1—\n(i) for “review” substitute “proportionate review”;\n(ii) at the end insert “, taking into account information provided to it under paragraph A1 of Article 20”;\n(b) in paragraph 2(a)(ii), for “point” substitute “points”.\n(7) In regulation 16 (critical benchmarks: amendments to Article 20), after paragraph (2) insert—\n“(2A) Before paragraph 1 insert—\n“A1. An administrator shall immediately notify the FCA when the administrator’s benchmark:\n(a) exceeds the threshold in paragraph 1(a); or\n(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).”.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2019/657, as amended by S.I. 2020/646."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2020/9780348213614/regulation/58",
    "retrieved_at": "2026-10-30T14:48:40.102637+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}