# The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020, Regulation 58: The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019


(1) The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 are amended as follows.
(2) In regulation 2 (amendment of Regulation (EU) 2016/1011), before “is amended as follows” insert “, as it forms part of retained EU law,”.
(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”.
(4) In regulation 5(10) (definitions), omit sub-paragraph (f).
(5) 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”.”.
(6) In regulation 15 (review of critical benchmarks) in new Article A20—
(a) in paragraph 1—
(i) for “review” substitute “proportionate review”;
(ii) at the end insert “, taking into account information provided to it under paragraph A1 of Article 20”;
(b) in paragraph 2(a)(ii), for “point” substitute “points”.
(7) 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).”.”.

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348213614/regulation/58 (the official version)
Page: https://openlegislation.uk/draft-securities-financing-transactions-securitisation-and-miscellaneous-amendments-eu-exit-regulations-2020/regulation-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.