# The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Article 63W: Unregulated benchmarks


(1) A person does not carry on the activity of the kind specified by article 63U where they provide an ESG rating in the course of providing a benchmark to which the UK Benchmarks Regulation does not apply as a result of Article 2(2)(a) to (g) (scope: exclusions) of that Regulation.
(2) For the purposes of paragraph (1), an ESG rating is not provided in the course of providing a benchmark of the kind mentioned in paragraph (1) where the ESG rating is provided as a standalone product or service.

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Source: https://www.legislation.gov.uk/uksi/2001/544/article/63W (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-63W
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.