# The Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019

S.I. 2019/1256 · made 11 September 2019

These Regulations amend the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135) (“the 2018 Regulations”).

Made under: European Communities Act 1972 (repealed) (Section 2)

PDFs: Printed copy https://openlegislation.uk/financial-services-and-markets-act-2000-benchmarks-amendment-regulations-2019/pdf/uksi_20191256_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/financial-services-and-markets-act-2000-benchmarks-amendment-regulations-2019/pdf/uksiem_20191256_en.pdf

## Introductory text

Financial Services And Markets
Made 11th September 2019
Laid before Parliament 13th September 2019
Coming into force 14th October 2019
The Treasury make the following Regulations in exercise of the power conferred by section 2(2) of the European Communities Act 1972.
The Treasury are designated in relation to financial services for the purposes of that section of that Act.

## 1 Citation and commencement

These Regulations may be cited as the Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019 and come into force on 14th October 2019.

## 2 Amendment of the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018

(1) The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 are amended as follows.
(2) In regulation 5(2)(e) (FCA powers over Miscellaneous BM persons) after “relying on” insert “Article 46(8) or”.
(3) In regulation 6(1)(b) (FCA’s power to impose requirements) at the end insert “but only in respect of a Miscellaneous BM person coming within regulation 5(2)(d) or (e)”.

## Signature

David Rutley
Mike Freer
Two of the Lords Commissioners of Her Majesty’s Treasury
11th September 2019

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135) (“the 2018 Regulations”).
They amend the definition of a “Miscellaneous BM [Benchmarks] Person” to include a person who administers a benchmark in accordance with Article 46(8) of Regulation EU 2016/1011 (OJ No. L171 29.06.2016, p.1). They also clarify that the Financial Conduct Authority may only exercise its powers to impose requirements, in order to advance any of its operational objectives, in respect of those Miscellaneous BM Persons described in regulation 5(2)(d) or (e) of the 2018 Regulations.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2019/1256 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-benchmarks-amendment-regulations-2019
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.