Article 22B Assessment of representativeness of critical benchmarks: FCAF1
Where the FCA receives an assessment by a benchmark administrator under Article 22A within the period specified by or under that Article, the FCA must make its own assessment of the capability of the benchmark to measure the underlying market or economic reality, taking into account, among other things—
the procedure established by the administrator in accordance with Article 28(1), and
the administrator's assessment.
If a benchmark administrator does not submit an assessment under Article 22A within the period specified by or under that Article, the FCA may make its own assessment of the capability of the benchmark to measure the underlying market or economic reality and, if it does so—
must take into account the procedure established by the administrator in accordance with Article 28(1), and
may take into account, among other things, an assessment submitted by the administrator after the end of the specified period.
After making its assessment under this Article, the FCA must give the benchmark administrator—
a written notice stating that it considers that the benchmark is not representative of the market or economic reality that it is intended to measure or that the representativeness of the benchmark is at risk, or
a written notice stating that it considers that the representativeness of the benchmark is not at risk.
Where the administrator's assessment was made under Article 22A(7)(b) (contributor intends to cease contributing input data), the FCA must make its assessment under paragraph 1 or 2, and give the notice under paragraph 3, before the end of the period of 28 days beginning with the first working day after the day on which the administrator was notified under Article 22A(6).
Annotations
Textual amendments
- F1
Arts. 22A, 22B inserted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 11(2), 49(5) (with s. 11(3)); S.I. 2021/739, reg. 3(d)