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Explanatory note

Original text. Later amendments are not shown.

(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.