Article A20 Critical benchmarks: review of critical benchmarksF1
The FCA must conduct a proportionate review of critical benchmarks in accordance with paragraphs 2 to 4, taking into account information provided to it under paragraph A1 of Article 20.
The review must consider:
whether an administrator located in the United Kingdom provides a benchmark that satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20; and
where a benchmark satisfies F3point (a) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.
The FCA must provide a written report to the Treasury:
setting out the result of the review; and
making a recommendation as to whether any benchmark that satisfies F4point (a) of paragraph 2 should be recognised as critical.
The FCA must conduct the review and provide the report to the Treasury:
within the period of two years beginning with IP completion day; and
thereafter, at intervals of at least every two years, with each interval beginning with the date on which the last report was provided.
The Treasury must by regulations specify that a benchmark is critical if:
the FCA has recommended that the benchmark is recognised as critical in accordance with the review procedure specified in paragraphs 2 and 3; and
the Treasury F5determine that the FCA's review complies with the requirements of paragraphs 2 and 3.
The Treasury may by regulations specify that a benchmark is critical if:
the benchmark is provided by an administrator located in the United Kingdom; and
the Treasury consider that the benchmark satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20.
The Treasury may not specify a regulated-data benchmark as a critical benchmark under paragraph 5 or 6 of this Article or under paragraph 5 of Article 20.
Annotations
Textual amendments
- F1
Art. A20 inserted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 15 (with regs. 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/1301, regs. 1, 3, Sch. para. 34(b); S.I. 2020/1385, regs. 1(4), 58(6); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
- F2
Art. A20(2)(a) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(2), 49(5); S.I. 2021/739, reg. 3(a)
- F3
Words in Art. A20(2)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(3), 49(5); S.I. 2021/739, reg. 3(a)
- F4
Words in Art. A20(3)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(4), 49(5); S.I. 2021/739, reg. 3(a)
- F5
Word in Art. A20(5)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 5 para. 5; S.I. 2021/739, reg. 3(n)
- F6
Art. A20(6)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(5), 49(5); S.I. 2021/739, reg. 3(a)