# Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance), Article 31: Withdrawal of registration of an administrator located in a third country

Extent: E+W+S+N.I.

1. The FCA shall withdraw the registration of an administrator located in a third country by removing that administrator from the FCA register where it has well-founded reasons, based on documented evidence, that the administrator:
(a) is acting in a manner which is clearly prejudicial to the interests of the users of its benchmarks or the orderly functioning of markets; or
(b) has seriously infringed the national legislation in the third country or other provisions applicable to it in the third country and on the basis of which the Treasury have made regulations in accordance with Article 30(2) or (3) (on or after IP completion day) or the European Commission adopted an implementing decision in accordance with Article 30(2) or (3) of the EU Benchmarks Regulation (before IP completion day).
2. The FCA shall take a decision under paragraph 1 only if the following conditions are fulfilled:
(a) the FCA has referred the matter to the competent authority of the third country and that competent authority has not taken the appropriate measures needed to protect investors and the orderly functioning of the markets in the United Kingdom, or has failed to demonstrate that the administrator concerned complies with the requirements applicable to it in the third country;
(b) the FCA has informed the competent authority of the third country of its intention to withdraw the registration of the administrator, at least 30 days before the withdrawal.
3. The FCA shall publish its decision on its website.

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Source: https://www.legislation.gov.uk/eur/2016/1011/article/31 (the official version)
Page: https://openlegislation.uk/eu-regulation-2016-1011/article-31
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.