The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018

• (b) began to administer one or more benchmarks between 30th June 2016 and 1st of January 2018; and

• (c) has not started to administer any new benchmarks since 1st January 2018;

does not , subject to paragraph (3), breach the general prohibition in section 19 of the Act (the general prohibition) or contravene a requirement imposed by the FCA or PRA as defined in section 20(1) or (1A) of the Act (authorised person acting without permission) in respect of carrying on the activity in article 63S(1) of the RAO until the relevant date.

• (2) The relevant date in paragraph (1) is the relevant date as defined in regulation 61(2).

• (3) Paragraph (1) does not apply if the benchmark may not be used by virtue of Article 51(1C) of the EU Benchmarks Regulation 2016.

New administrators: transitional provision

63

• (1) A person who—

• (a) does not have a Part 4A permission in relation to the activity specified in article 63S(1) of the RAO;

• (b) begins to administer one or more benchmarks after 1st January 2018; and

• (c) satisfies the conditions in paragraph (2);

does not breach the general prohibition in section 19 of the Act (the general prohibition) or contravene a requirement imposed by the FCA or PRA as defined in section 20(1) or (1A) of the Act (authorised person acting without permission) in respect of carrying on the activity in article 63S(1) of the RAO until their application mentioned in paragraph (2)(c) has been determined.

• (2) The conditions in this paragraph are that—

• (a) a supervised entity has entered into a benchmark agreement in respect of a benchmark provided by the person;

• (b) the benchmark agreement was entered into before the person started carrying on the activity in article 63S(1) of the RAO; and

• (c) the person applied for permission to carry on the activity in article 63S(1) of the RAO within the later of 30 working days from the date on which the supervised entity entered into that benchmark agreement or 30 working days from 27th February 2018.

• (3) In paragraph (2) “benchmark agreement” means an agreement of the type referred to in Article 34(3) of the EU Benchmarks Regulation 2016.

Use of an index: transitional provision

64

• (1) An index provider who does not have a Part 4A permission in relation to the activity specified in article 63S(1) of the RAO and who satisfies the condition in paragraph (2) does not—

• (a) contravene the general prohibition in section 19 of the Act (the general prohibition); or

• (b) contravene a requirement imposed by the FCA or PRA as defined in section 20(1) or (1A) of the Act (authorised person acting without permission).

in respect of carrying on the activity in article 63S(1) of the RAO.

• (2) The conditions in this paragraph are that—

• (a) the index provider has become aware or has reasonable cause to suspect that their index is used for the purposes referred to in point (3) of Article 3(1) of the EU Benchmarks Regulation 2016; and

• (b) the index provider has applied for permission to carry on the activity in article 63S(1) of the RAO within 30 working days from the point at which they became aware or have reasonable cause to suspect that their index is used for the purposes referred to in point (3) of Article 3(1) of the EU Benchmarks Regulation 2016.

Administering a benchmark under Article 51(4) of the EU Benchmarks Regulation 2016

65

A person who does not have a Part 4A permission in relation to the activity specified in article 63S(1) of the RAO does not—

• (1) contravene the general prohibition in section 19 of the Act (the general prohibition); or

• (2) contravene a requirement imposed by the FCA or PRA as defined in section 20(1) or (1A) of the Act (authorised person acting without permission)

in respect of carrying on the activity in article 63S(1) of the RAO in relation to a benchmark if the FCA has permitted the use of that benchmark in accordance with Article 51(4) of the EU Benchmarks Regulation 2016 and that permission has not expired or been withdrawn.

Authorisations and registrations granted by the FCA prior to 27th February 2018

66

• (1) Regulations 61(1), 62(1) and 63(1) take effect subject to paragraphs (2) and (3).

• (2) A person who—

• (a) does not have a Part 4A permission; and

• (b) obtained an authorisation or registration from the FCA under Article 34 of the EU Benchmarks Regulation 2016 before 27th February 2018;

shall be deemed to have a Part 4A permission granted by the FCA on 27th February 2018 in relation to the activity specified in article 63S(1) of the RAO.

• (3) A person who—

• (a) has a Part 4A permission but not in relation to the activity specified in article 63S(1) of the RAO; and

• (b) obtained an authorisation or registration from the FCA under Article 34 of the EU Benchmarks Regulation 2016 before 27th February 2018;

shall be deemed to have their permission varied by the FCA on 27th February 2018 to include the activity specified in article 63S(1) of the RAO.

PART 8 — Miscellaneous provisions

Amendment to the Act

67

In subsection (3) of section 293 of the Act (notification requirements), for “under”, in the second place where it appears, substitute “ for the purposes of ”.

Review

68

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signed

David Rutley — Mark Spencer — Two of the Lords Commissioners of Her Majesty's Treasury — 2018-02-01

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c. 68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

[^f00003]: S.I. 2010/1013.

[^f00004]: 2000 c .8.

[^f00005]: OJ No. L171 29.06.2016, p.1.

[^f00006]: OJ No. L133 22.05.2008, p.66.

[^f00007]: OJ No. L60 28.02.2014, p.34.

[^f00008]: OJ No L171 29.06.16, p.1.

[^f00009]: S.I. 2001/544.

[^f00010]: OJ No. L173 12.06.2014, p.349; the Directive was amended by Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 (OJ No. L257, 28.08.2014 p.1) and Directive (EU) 2016 of the European Parliament and of the Council of 23 June 2016 (OJ No. L 175 30.06.2016 p.8).

[^f00011]: Section 55Y was inserted by section 11(2) of the Financial Services Act 2012 (c. 21).

[^f00012]: Subsection (12) of section 55Y of the Act was inserted by section 11(2) of the Financial Services Act 2012.

[^f00013]: “management body” is defined in point (20) of paragraph 1 of Article 3 of the EU Benchmarks Regulation 2016 (OJ No. L171 29.06.2016, p.1.).

[^f00014]: “senior management” is defined in Article 4.1.37 of the Markets in Financial Instruments Directive (OJ No. L173 12.06.2014, p.349; the Directive was amended by Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 (OJ No. L257, 28.08.2014 p.1) and Directive (EU) 2016 of the European Parliament and of the Council of 23 June 2016 (OJ No. L 175 30.06.2016 p.8)).

[^f00015]: Section 393(4) was amended by paragraph 32(4) of Schedule 9(6) to the Financial Services Act 2012.

[^f00016]: Part 9 was amended by paragraphs 44 and 45 of Schedule 2 to S.I. 2010/22, section 23(2)(a), (b), (c), and section 23(4) of Part 2 of the Financial Services Act 2012, paragraph 83 of Schedule 9(3) to the Crime and Courts Act 2013 (c.22), regulation 3(3) of Part 2 of S.I. 2013/1388, article 116 of S.I. 2014/3329, regulation 10(4) of Part 2 of S.I. 2016/680, and regulation 2(5)(b) of S.I. 2017/1064. There are other amendments but none is relevant.

[^f00017]: Section 133 was amended by paragraph 45 of Schedule 2 to S.I. 2010/22, section 23(2)(a), (b) and (c) of the Financial Services Act 2012, paragraph 83 of Schedule 9(3) to the Crime and Courts Act 2013 (c.22), regulation 3(3) of Part 2 of S.I. 2013/1388, regulation 10(4) of Part 2 of S.I. 2016/680 and regulation 2(5)(b) of S.I. 2017/1064. There are other amendments but none is relevant.

[^f00018]: Section 133B was inserted by paragraph 45 of Schedule 2 to S.I. 2010/22 and amended by section 23(4) of the Financial Services Act 2012.

[^f00019]: Part 11 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c. 44), paragraph 33 of Schedule 7 to the Counter Terrorism Act 2008 (c. 28), section 18 of and Schedule 2 to the Financial Services Act 2010 (c. 28), Schedule 12 to and paragraph 8 of Schedule 18 to the Financial Services Act 2012, paragraphs 36 and 37 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14), paragraph 9 of Schedule 2 to the Investigatory Powers Act 2016 (c. 25), S.I. 2001/1090, 2005/11433, 2007/126, 2011/1043, 2012/2554, 2013/1773, 2015/575 and 2016/680. There are other amendments but none is relevant.

[^f00020]: Section 165 was amended by Schedule 2 to the Financial Services Act 2010, Schedule 12 to the Financial Services Act 2012, S.I. 2013/1773 and S.I. 2015/575.

[^f00021]: Section 165A was inserted by section 18(2) of the Financial Services Act 2010, and amended by Schedule 12(1) to the Financial Services Act 2012 and Schedule 2(2) to the Bank of England and Financial Services Act 2016 (c.14).

[^f00022]: Section 166A was inserted by paragraph 6 of Schedule 12(1) to the Financial Services Act 2012.

[^f00023]: Section 167 was amended by paragraph 7(2) of Schedule 12 to the Financial Services and Markets Act 2000, S.I. 2007/126 and S.I. 2015/575.

[^f00024]: Section 168 was amended by S.I. 2007/126, paragraph 33(3) of Schedule 7(7) to the Counter-Terrorism Act 2008 (c.28) Schedule 2(1) to the Financial Services Act 2010, Schedule 12(1) to the Financial Services Act 2012 (c.21), paragraph 11 of Schedule 3 to the Pension Schemes Act 2015 (c.8) and S.I. 2016/680

[^f00025]: Section 169 was amended by S.I. 2011/1043 and Schedule 12(1) to the Financial Services Act 2012 (c.21).

[^f00026]: Section 169A was inserted by section 18(3) of the Financial Services Act 2010 and amended by paragraph 10 of Schedule 12(1) to the Financial Services Act 2012.

[^f00027]: Section 170 was amended by paragraph 11, Schedule 12(1) to the Financial Services Act 2012.

[^f00028]: Section 174 was amended by paragraph 12 of Schedule 12(1) to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments but none is relevant.

[^f00029]: Section 123 was substituted by regulation 9(1) of S.I. 2016/680.

[^f00030]: Section 175 was amended by paragraph 13 of Schedule 12(1) to the Financial Services Act 2012.

[^f00031]: Section 176 was amended by paragraphs 14 and 17 of Schedule 12(1) to the Financial Services Act 2012.

[^f00032]: Section 191G was inserted by S.I. 2009/534, and amended by section 26(12) of Part 2 of the Financial Services Act 2012 and S.I. 2013/3115.

[^f00033]: Section 342 was amended by paragraph 4 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115.

[^f00034]: Section 343 was amended by paragraph 5 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115.

[^f00035]: Section 348 was amended by paragraph 26 of Schedule 2(1) to the Financial Services Act 2010, paragraph 18 of Schedule 12(2) to the Financial Services Act 2012, paragraph 5 of Schedule 8(1) to the Financial Services (Banking Reform) Act 2013, paragraph 45 of Schedule 2(2) to the Bank of England and Financial Services Act 2016 (c.14) and S.I. 2016/1239.

[^f00036]: Section 349 was amended by section 964(4) of the Companies Act 2006 (c.46), S.I. 2007/1093, S.I. 2011/1043 and paragraph 19 of Schedule 12(2) to the Financial Services Act 2012.

[^f00037]: Part 25 and the relevant sections thereof were amended by paragraphs 19, 21 and 23 of Schedule 9(5) to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments but none is relevant.

[^f00038]: Part 26 and the relevant sections thereof were amended by paragraph 11 of Schedule 4 to the Regulation of Investigatory Powers Act 2000 (c.23), S.I. 2005/1433, S.I. 2007/126, S.I. 2007/1973, S.I. 2009/534, section 13(3) and paragraphs 28 and 29 of Schedule 2 to the Financial Services Act 2010, S.I. 2010/22, sections 18, 19 and 24 and paragraphs 26, 27, 28, 29, 30, 32, 33 and 34 of Schedule 9(6) and paragraph 8 of Schedule 13 to the Financial Services Act 2012, S.I. 2012/916, paragraphs 12 and 14 of Schedule 3 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1388, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239. There are other amendments but none is relevant.

[^f00039]: Part 27 and the relevant sections thereof were amended by section 95 and paragraphs 37, 38 and 40 of Schedule 9(7) to the Financial Services Act 2012 and S.I. 2013/1881.

[^f00040]: Schedule 1ZA and the relevant paragraphs thereof were amended by Schedule 3 to the Financial Services Act 2012, section 109(1), paragraph 7(3) of Schedule 8(1) and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, paragraphs 15 and 16 of Schedule 3 to the Pension Schemes Act 2015 (c.8) and section 29(6) of the Bank of England and Financial Services Act 2016 (c.14).

[^f00041]: Part 25 was amended by paragraphs 19, 21 and 23 of Schedule 9(5) to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments but none is relevant.

[^f00042]: S.I. 2001/544. Article 63O was inserted by article 5 of S.I. 2013/655. There are other amending instruments but none is relevant.

[^f00043]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, OJ No. L173, 12.06.2014, p.84, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^f00044]: S.I. 2001/544.

[^f00045]: S.I. 2001/544.

[^f00046]: Section 55H was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2013/1773.

[^f00047]: Section 55J was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I. 2013/1773, S.I. 2013/3115, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680.

[^f00048]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^f00049]: S.I. 2001/544.

[^f00050]: Article 63O was inserted by article 5 of S.I. 2013/655.

[^f00051]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^f00052]: S.I. 2001/544.

[^f00053]: Section 20 was amended by paragraph 2(2) of Schedule 9 to the Financial Services Act 2012.

[^f00054]: Section 55L was inserted by section 11 of the Financial Services Act 2012.

[^f00055]: Section 38 was amended by paragraph 4 of Schedule 18(1) to the Financial Services Act 2012.

[^f00056]: Section 55A was inserted by section 11 of the Financial Services Act 2012.

[^f00057]: Section 61D was inserted by section 11 of the Financial Services Act 2010.

[^f00058]: Section 138I was inserted by section 24 of the Financial Services Act 2012 and amended by paragraph 8 of Schedule 3 to the Pension Schemes Act 2015 (c. 8), section 33(4) of the Bank of England and Financial Services Act 2016.

[^f00059]: Section 139A was inserted by section 24 of the Financial Services Act 2012 and amended by paragraph 9 of Schedule 3 to the Pension Schemes Act 2015 and S.I. 2016/680.

[^f00060]: Paragraph 8(3) was inserted by Schedule 3 to the Financial Services Act 2012 and amended by paragraph 16(b)(ii) of Schedule 3 to the Financial Services (Banking Reform) Act 2013 and S.I. 2016/680.

[^f00061]: “Supervised entity” is defined in point 17 of paragraph 1 of Article 1 to the EU Benchmarks Regulation 2016 (OJ No. L171 29.06.2016, p.1.).

[^f00062]: Subsection (7A) was inserted by S.I. 2013/655.

[^f00063]: Section 1H was inserted by section 6(1) of the Financial Services Act 2012, S.I. 2013/655, S.I. 2013/1881 and S.I. 2013/3115.

[^f00064]: Section 22 was amended by section 7(1) of the Financial Services Act 2012.

[^f00065]: Part 4A (sections 55A to 55Z4) of the Act was inserted by section 11(2) of the Financial Services Act 2012.

[^f00066]: Subsection (7ZB) was inserted by regulation 10(3) of S.I. 2016/680. There are other amendments to section 55J none is relevant.

[^f00067]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^f00068]: Section 55E was inserted by section 11(2) of the Financial Services Act 2012.

[^f00069]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^f00070]: Section 55L was inserted by section 11(2) of the Financial Services Act 2012.

[^f00071]: S.I. 2001/544.

[^f00072]: Sections 123 to 123C were substituted by regulation 9(1) and (5) of S.I. 2016/680.

[^f00073]: Section 178 was inserted by S.I. 2009/534 and amended by section 26 of the Financial Services Act 2012.

[^f00074]: Section 285 was amended by section 28 of the Financial Services Act 2012 and by S.I. 2013/504. There are also other amendments but none is relevant to these Regulations.

[^f00075]: type=start slip=2018-02-01 time=1519051401407Subsection 8D of section 391 was inserted by S.I. 2017/1127type=end slip=2018-02-01 time=1519051401407.

[^f00076]: Section 395 was amended by section 17(3) of the Financial Services Act 2012.

[^f00077]: Subsection 1A of section 398 was inserted by S.I. 2016/680).

[^f00078]: Section 425A was inserted by paragraph 32 of Schedule 2(1) to the Financial Services Act 2010 and amended by S.I. 2013/655 and S.I. 2013/3115.

[^f00079]: Part 2B of Schedule 2 to the Act was inserted by section 7(5) of the Financial Services Act 2012. There are other amendments to Part 2B of Schedule 2 but none is relevant to these Regulations.

[^f00080]: OJ No. L171, 29.06.2016, p.1.

[^f00081]: OJ No. L133, 22.05.2008, p.66.

[^f00082]: OJ No. L60, 28.02.2014, p.34.

[^f00083]: OJ No. L173, 12.06.2014, p.1.

[^f00084]: S.I. 2001/1201.

[^f00085]: OJ No L133 22.05.08, p.66.

[^f00086]: OJ No L60 28.02.14, p.34.

[^f00087]: OJ No L171 29.06.16, p.1.

[^f00088]: Article 4 was amended by S.I. 2001/3650, S.I. 2004/2737, S.I. 2006/1969, S.I. 2012/1906, S.I. 2013/1773.

[^f00089]: S.I. 2001/1227.

[^f00090]: S.I. 2001/2188.

[^f00091]: Regulation 2 was amended by S.I. 1992/3218, S.I. 1994/1696, S.I. 1995/3275, S.I. 1997/2781, S.I. 1999/2094, S.I. 2003/693, S.I. 2003/2066, S.I. 2004/1862, S.I. 2004/3379, S.I. 2006/3413, S.I. 2010/2628, S.I. 2011/1043, S.I. 2011/1613, S.I. 2012/916, S.I. 2012/2554, S.I. 2013/472, S.I. 2013/504, S.I. 2013/1162, S.I. 2013/1773, S.I. 2013/3115, S.I. 2014/3329, S.I. 2014/3348, S.I. 2015/575, S.I. 2015/910, S.I. 2016/225, S.I. 2016/680, S.I. 2016/715 and S.I. 2017/1064.

[^f00092]: OJ No. L171, 29.06.2016, p.1.

[^f00093]: OJ No. L133, 22.05.2008, p.66.

[^f00094]: OJ No. L60, 28.02.2014, p.34.

[^f00095]: OJ No. L173, 12.06.2014, p.1.

[^f00096]: S.I. 2010/1013.

[^f00097]: OJ No L171 29.06.2016, p.1.

[^f00098]: OJ No. L133, 22.05.2008, p.66.

[^f00099]: OJ No. L60, 28.02.2014, p.34.

[^f00100]: OJ No. L173, 12.06.2014, p.1.

[^f00101]: S.I. 2013/419.

[^f00102]: Article 1(2) was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348 and S.I. 2015/1882.

[^f00103]: OJ No L171 29.06.2016, p.1.

[^f00104]: OJ No. L133, 22.05.2008, p.66.

[^f00105]: Article 2 was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/680, S.I. 2016/715, S.I. 2016/936 and S.I. 2016/1023.

[^f00106]: Section 1A(6)(d) was inserted by section 6(1) of the Financial Services Act 2012.

[^f00107]: Section 1L(2)(b) was inserted by section 6(1) of the Financial Services Act 2012.

[^f00108]: Section 39(4)(b) was inserted by paragraph 5(3) of Schedule 18(1) to the Financial Services Act 2012.

[^f00109]: Section 66A(4)(b) was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013.

[^f00110]: Section 168(4)(k) was inserted by paragraph 8(4) of Schedule 12 to the Financial Services Act 2012.

[^f00111]: Section 192K(1)(c) was inserted by section 27 of the Financial Services and Markets Act 2012 and S.I. 2014/3329.

[^f00112]: Section 293A was inserted by paragraph 11 of Schedule 8 to the Financial Services Act 2012 and amended by S.I. 2017/1064.

[^f00113]: Article 3 was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/715 and type=start slip=2018-02-01 time=1519051692164S.I. 2016/936 and S.I. 2017/1127type=end slip=2018-02-01 time=1519051692164.

[^f00114]: Section 296(1A) was added by S.I. 2007/126.

[^f00115]: Section 297(2A)(c) was inserted by S.I. 2007/126 and by paragraph 15(3)(c) of Schedule 8 to the Financial Services Act 2012.

[^f00116]: Section 312E(2)(c) was inserted by section 33 of the Financial Services Act 2012.

[^f00117]: Article 5 was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/680, S.I. 2016/715, S.I. 2016/936 and S.I. 2017/1127.

[^f00118]: Article 6(2) was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 1025/1882, S.I 2016/680, S.I. 2016/715 and S.I. 2017/1127.

[^f00119]: S.I. 2001/544.

[^f00120]: S.I. 2001/544.

[^f00121]: Section 293(3) was amended by paragraph 10(2) of Schedule 8 to the Financial Services Act 2012 and by S.I. 2017/1064.

[^f00122]: 2015 c. 26. Section 30(3) was amended by section 19 of the Enterprise Act 2016 (c. 12).

FCA's power to impose requirements

Right to refer matters to the Tribunal

Exercise of power in support of overseas regulator

Reporting requirements

Public censure

Financial penalties

Warning notice

Decision notice

Statements of policy

Statements of policy: procedure

Misleading the FCA

Restriction on penalties

Application of Part 9 of the Act (hearings and appeals)

Application of Part 11 of the Act (information gathering and investigations)

Information given by an auditor

Restrictions on disclosure of information

Application of Part 25 of the Act (injunctions and restitution)

Application of Part 26 of the Act (notices)

Application of Part 27 of the Act (offences)

Application of section 413 of the Act (protected items)

FCA: penalties, fees and exemption from liability in damages

Amendments to Part 4A (permission to carry on regulated activities)

Amendment to Part 8 of the Act (provisions relating to market abuse)

Amendment to section 137F of the Act (rules requiring participation in benchmark)

Amendment to section 178 of the Act (obligation to notify the appropriate regulator: acquisitions of control)

Amendment to Part 18 of the Act (recognised investment exchanges and clearing houses)

Amendment to section 391 of the Act (publication)

Amendment to section 395 (the FCA's and PRA's procedures)

Amendment to section 398 of the Act (misleading FCA or PRA: residual cases)

Amendment to Part 29 of the Act (interpretation)

Omission of Part 2B of Schedule 2 to the Act (regulated activities relating to the setting of benchmarks)

Amendment to the Financial Services and Markets Act 2000 (Exemption) Order 2001

Amendment to the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001

Amendments to the Consumer Credit (Disclosure of Information) Regulations 2010

Amendments to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

Editorial notes

[^c22911881]: S.I. 2012/1759.

[^c22911891]: 1972 c. 68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

[^c22911901]: S.I. 2010/1013.

[^c22911911]: 2000 c .8.

[^c22911961]: S.I. 2001/544.

[^c22911981]: Section 55Y was inserted by section 11(2) of the Financial Services Act 2012 (c. 21).

[^c22911991]: Subsection (12) of section 55Y of the Act was inserted by section 11(2) of the Financial Services Act 2012.

[^c22912001]: “management body” is defined in point (20) of paragraph 1 of Article 3 of the EU Benchmarks Regulation 2016 (OJ No. L171 29.06.2016, p.1.).

[^c22912011]: “senior management” is defined in Article 4.1.37 of the Markets in Financial Instruments Directive (OJ No. L173 12.06.2014, p.349; the Directive was amended by Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 (OJ No. L257, 28.08.2014 p.1) and Directive (EU) 2016 of the European Parliament and of the Council of 23 June 2016 (OJ No. L 175 30.06.2016 p.8)).

[^c22912021]: Section 393(4) was amended by paragraph 32(4) of Schedule 9(6) to the Financial Services Act 2012.

[^c22912031]: Part 9 was amended by paragraphs 44 and 45 of Schedule 2 to S.I. 2010/22, section 23(2)(a), (b), (c), and section 23(4) of Part 2 of the Financial Services Act 2012, paragraph 83 of Schedule 9(3) to the Crime and Courts Act 2013 (c.22), regulation 3(3) of Part 2 of S.I. 2013/1388, article 116 of S.I. 2014/3329, regulation 10(4) of Part 2 of S.I. 2016/680, and regulation 2(5)(b) of S.I. 2017/1064. There are other amendments but none is relevant.

[^c22912041]: Section 133 was amended by paragraph 45 of Schedule 2 to S.I. 2010/22, section 23(2)(a), (b) and (c) of the Financial Services Act 2012, paragraph 83 of Schedule 9(3) to the Crime and Courts Act 2013 (c.22), regulation 3(3) of Part 2 of S.I. 2013/1388, regulation 10(4) of Part 2 of S.I. 2016/680 and regulation 2(5)(b) of S.I. 2017/1064. There are other amendments but none is relevant.

[^c22912051]: Section 133B was inserted by paragraph 45 of Schedule 2 to S.I. 2010/22 and amended by section 23(4) of the Financial Services Act 2012.

[^c22912061]: Part 11 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c. 44), paragraph 33 of Schedule 7 to the Counter Terrorism Act 2008 (c. 28), section 18 of and Schedule 2 to the Financial Services Act 2010 (c. 28), Schedule 12 to and paragraph 8 of Schedule 18 to the Financial Services Act 2012, paragraphs 36 and 37 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14), paragraph 9 of Schedule 2 to the Investigatory Powers Act 2016 (c. 25), S.I. 2001/1090, 2005/11433, 2007/126, 2011/1043, 2012/2554, 2013/1773, 2015/575 and 2016/680. There are other amendments but none is relevant.

[^c22912071]: Section 165 was amended by Schedule 2 to the Financial Services Act 2010, Schedule 12 to the Financial Services Act 2012, S.I. 2013/1773 and S.I. 2015/575.

[^c22912081]: Section 165A was inserted by section 18(2) of the Financial Services Act 2010, and amended by Schedule 12(1) to the Financial Services Act 2012 and Schedule 2(2) to the Bank of England and Financial Services Act 2016 (c.14).

[^c22912091]: Section 166A was inserted by paragraph 6 of Schedule 12(1) to the Financial Services Act 2012.

[^c22912101]: Section 167 was amended by paragraph 7(2) of Schedule 12 to the Financial Services and Markets Act 2000, S.I. 2007/126 and S.I. 2015/575.

[^c22912111]: Section 168 was amended by S.I. 2007/126, paragraph 33(3) of Schedule 7(7) to the Counter-Terrorism Act 2008 (c.28) Schedule 2(1) to the Financial Services Act 2010, Schedule 12(1) to the Financial Services Act 2012 (c.21), paragraph 11 of Schedule 3 to the Pension Schemes Act 2015 (c.8) and S.I. 2016/680

[^c22912121]: Section 169 was amended by S.I. 2011/1043 and Schedule 12(1) to the Financial Services Act 2012 (c.21).

[^c22912131]: Section 169A was inserted by section 18(3) of the Financial Services Act 2010 and amended by paragraph 10 of Schedule 12(1) to the Financial Services Act 2012.

[^c22912141]: Section 170 was amended by paragraph 11, Schedule 12(1) to the Financial Services Act 2012.

[^c22912151]: Section 174 was amended by paragraph 12 of Schedule 12(1) to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments but none is relevant.

[^c22912161]: Section 123 was substituted by regulation 9(1) of S.I. 2016/680.

[^c22912171]: Section 175 was amended by paragraph 13 of Schedule 12(1) to the Financial Services Act 2012.

[^c22912181]: Section 176 was amended by paragraphs 14 and 17 of Schedule 12(1) to the Financial Services Act 2012.

[^c22912191]: Section 191G was inserted by S.I. 2009/534, and amended by section 26(12) of Part 2 of the Financial Services Act 2012 and S.I. 2013/3115.

[^c22912201]: Section 342 was amended by paragraph 4 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115.

[^c22912211]: Section 343 was amended by paragraph 5 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115.

[^c22912221]: Section 348 was amended by paragraph 26 of Schedule 2(1) to the Financial Services Act 2010, paragraph 18 of Schedule 12(2) to the Financial Services Act 2012, paragraph 5 of Schedule 8(1) to the Financial Services (Banking Reform) Act 2013, paragraph 45 of Schedule 2(2) to the Bank of England and Financial Services Act 2016 (c.14) and S.I. 2016/1239.

[^c22912231]: Section 349 was amended by section 964(4) of the Companies Act 2006 (c.46), S.I. 2007/1093, S.I. 2011/1043 and paragraph 19 of Schedule 12(2) to the Financial Services Act 2012.

[^c22912241]: Part 25 and the relevant sections thereof were amended by paragraphs 19, 21 and 23 of Schedule 9(5) to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments but none is relevant.

[^c22912251]: Part 26 and the relevant sections thereof were amended by paragraph 11 of Schedule 4 to the Regulation of Investigatory Powers Act 2000 (c.23), S.I. 2005/1433, S.I. 2007/126, S.I. 2007/1973, S.I. 2009/534, section 13(3) and paragraphs 28 and 29 of Schedule 2 to the Financial Services Act 2010, S.I. 2010/22, sections 18, 19 and 24 and paragraphs 26, 27, 28, 29, 30, 32, 33 and 34 of Schedule 9(6) and paragraph 8 of Schedule 13 to the Financial Services Act 2012, S.I. 2012/916, paragraphs 12 and 14 of Schedule 3 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1388, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239. There are other amendments but none is relevant.

[^c22912261]: Part 27 and the relevant sections thereof were amended by section 95 and paragraphs 37, 38 and 40 of Schedule 9(7) to the Financial Services Act 2012 and S.I. 2013/1881.

[^c22912271]: Schedule 1ZA and the relevant paragraphs thereof were amended by Schedule 3 to the Financial Services Act 2012, section 109(1), paragraph 7(3) of Schedule 8(1) and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, paragraphs 15 and 16 of Schedule 3 to the Pension Schemes Act 2015 (c.8) and section 29(6) of the Bank of England and Financial Services Act 2016 (c.14).

[^c22912281]: Part 25 was amended by paragraphs 19, 21 and 23 of Schedule 9(5) to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments but none is relevant.

[^c22912291]: S.I. 2001/544. Article 63O was inserted by article 5 of S.I. 2013/655. There are other amending instruments but none is relevant.

[^c22912301]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, OJ No. L173, 12.06.2014, p.84, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^c22912311]: S.I. 2001/544.

[^c22912321]: S.I. 2001/544.

[^c22912331]: Section 55H was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2013/1773.

[^c22912341]: Section 55J was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I. 2013/1773, S.I. 2013/3115, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680.

[^c22912351]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^c22912361]: S.I. 2001/544.

[^c22912371]: Article 63O was inserted by article 5 of S.I. 2013/655.

[^c22912381]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^c22912391]: S.I. 2001/544.

[^c22912401]: Section 20 was amended by paragraph 2(2) of Schedule 9 to the Financial Services Act 2012.

[^c22912411]: Section 55L was inserted by section 11 of the Financial Services Act 2012.

[^c22912421]: Section 38 was amended by paragraph 4 of Schedule 18(1) to the Financial Services Act 2012.

[^c22912431]: Section 55A was inserted by section 11 of the Financial Services Act 2012.

[^c22912441]: Section 61D was inserted by section 11 of the Financial Services Act 2010.

[^c22912451]: Section 138I was inserted by section 24 of the Financial Services Act 2012 and amended by paragraph 8 of Schedule 3 to the Pension Schemes Act 2015 (c. 8), section 33(4) of the Bank of England and Financial Services Act 2016.

[^c22912461]: Section 139A was inserted by section 24 of the Financial Services Act 2012 and amended by paragraph 9 of Schedule 3 to the Pension Schemes Act 2015 and S.I. 2016/680.

[^c22912471]: Paragraph 8(3) was inserted by Schedule 3 to the Financial Services Act 2012 and amended by paragraph 16(b)(ii) of Schedule 3 to the Financial Services (Banking Reform) Act 2013 and S.I. 2016/680.

[^c22912481]: “Supervised entity” is defined in point 17 of paragraph 1 of Article 1 to the EU Benchmarks Regulation 2016 (OJ No. L171 29.06.2016, p.1.).

[^c22912491]: Subsection (7A) was inserted by S.I. 2013/655.

[^c22912501]: Section 1H was inserted by section 6(1) of the Financial Services Act 2012, S.I. 2013/655, S.I. 2013/1881 and S.I. 2013/3115.

[^c22912511]: Section 22 was amended by section 7(1) of the Financial Services Act 2012.

[^c22912521]: Part 4A (sections 55A to 55Z4) of the Act was inserted by section 11(2) of the Financial Services Act 2012.

[^c22912531]: Subsection (7ZB) was inserted by regulation 10(3) of S.I. 2016/680. There are other amendments to section 55J none is relevant.

[^c22912541]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^c22912551]: Section 55E was inserted by section 11(2) of the Financial Services Act 2012.

[^c22912561]: Part 4A was inserted by section 11 of the Financial Services Act 2012 and amended by S.I. 2011/1613, S.I 2013/1773, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239 and S.I. 2017/1064.

[^c22912571]: Section 55L was inserted by section 11(2) of the Financial Services Act 2012.

[^c22912581]: S.I. 2001/544.

[^c22912591]: Sections 123 to 123C were substituted by regulation 9(1) and (5) of S.I. 2016/680.

[^c22912601]: Section 178 was inserted by S.I. 2009/534 and amended by section 26 of the Financial Services Act 2012.

[^c22912611]: Section 285 was amended by section 28 of the Financial Services Act 2012 and by S.I. 2013/504. There are also other amendments but none is relevant to these Regulations.

[^c22912621]: Subsection 8D of section 391 was inserted by S.I. 2017/1127.

[^c22912631]: Section 395 was amended by section 17(3) of the Financial Services Act 2012.

[^c22912641]: Subsection 1A of section 398 was inserted by S.I. 2016/680).

[^c22912651]: Section 425A was inserted by paragraph 32 of Schedule 2(1) to the Financial Services Act 2010 and amended by S.I. 2013/655 and S.I. 2013/3115.

[^c22912661]: Part 2B of Schedule 2 to the Act was inserted by section 7(5) of the Financial Services Act 2012. There are other amendments to Part 2B of Schedule 2 but none is relevant to these Regulations.

[^c22912671]: OJ No. L171, 29.06.2016, p.1.

[^c22912681]: OJ No. L133, 22.05.2008, p.66.

[^c22912691]: OJ No. L60, 28.02.2014, p.34.

[^c22912701]: OJ No. L173, 12.06.2014, p.1.

[^c22912711]: S.I. 2001/1201.

[^c22912721]: OJ No L133 22.05.08, p.66.

[^c22912731]: OJ No L60 28.02.14, p.34.

[^c22912741]: OJ No L171 29.06.16, p.1.

[^c22912751]: Article 4 was amended by S.I. 2001/3650, S.I. 2004/2737, S.I. 2006/1969, S.I. 2012/1906, S.I. 2013/1773.

[^c22912761]: S.I. 2001/1227.

[^c22912771]: S.I. 2001/2188.

[^c22912781]: Regulation 2 was amended by S.I. 1992/3218, S.I. 1994/1696, S.I. 1995/3275, S.I. 1997/2781, S.I. 1999/2094, S.I. 2003/693, S.I. 2003/2066, S.I. 2004/1862, S.I. 2004/3379, S.I. 2006/3413, S.I. 2010/2628, S.I. 2011/1043, S.I. 2011/1613, S.I. 2012/916, S.I. 2012/2554, S.I. 2013/472, S.I. 2013/504, S.I. 2013/1162, S.I. 2013/1773, S.I. 2013/3115, S.I. 2014/3329, S.I. 2014/3348, S.I. 2015/575, S.I. 2015/910, S.I. 2016/225, S.I. 2016/680, S.I. 2016/715 and S.I. 2017/1064.

[^c22912791]: OJ No. L171, 29.06.2016, p.1.

[^c22912801]: OJ No. L133, 22.05.2008, p.66.

[^c22912811]: OJ No. L60, 28.02.2014, p.34.

[^c22912821]: OJ No. L173, 12.06.2014, p.1.

[^c22912831]: S.I. 2010/1013.

[^c22912841]: OJ No L171 29.06.2016, p.1.

[^c22912851]: OJ No. L133, 22.05.2008, p.66.

[^c22912861]: OJ No. L60, 28.02.2014, p.34.

[^c22912871]: OJ No. L173, 12.06.2014, p.1.

[^c22912881]: S.I. 2013/419.

[^c22912891]: Article 1(2) was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348 and S.I. 2015/1882.

[^c22912901]: OJ No L171 29.06.2016, p.1.

[^c22912911]: OJ No. L133, 22.05.2008, p.66.

[^c22912921]: Article 2 was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/680, S.I. 2016/715, S.I. 2016/936 and S.I. 2016/1023.

[^c22912931]: Section 1A(6)(d) was inserted by section 6(1) of the Financial Services Act 2012.

[^c22912941]: Section 1L(2)(b) was inserted by section 6(1) of the Financial Services Act 2012.

[^c22912951]: Section 39(4)(b) was inserted by paragraph 5(3) of Schedule 18(1) to the Financial Services Act 2012.

[^c22912961]: Section 66A(4)(b) was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013.

[^c22912971]: Section 168(4)(k) was inserted by paragraph 8(4) of Schedule 12 to the Financial Services Act 2012.

[^c22912981]: Section 192K(1)(c) was inserted by section 27 of the Financial Services and Markets Act 2012 and S.I. 2014/3329.

[^c22912991]: Section 293A was inserted by paragraph 11 of Schedule 8 to the Financial Services Act 2012 and amended by S.I. 2017/1064.

[^c22913001]: Article 3 was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/715, S.I. 2016/936 and S.I. 2017/1127.

[^c22913011]: Section 296(1A) was added by S.I. 2007/126.

[^c22913021]: Section 297(2A)(c) was inserted by S.I. 2007/126 and by paragraph 15(3)(c) of Schedule 8 to the Financial Services Act 2012.

[^c22913031]: Section 312E(2)(c) was inserted by section 33 of the Financial Services Act 2012.

[^c22913041]: Article 5 was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/680, S.I. 2016/715, S.I. 2016/936 and S.I. 2017/1127.

[^c22913051]: Article 6(2) was amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3348, S.I. 1025/1882, S.I 2016/680, S.I. 2016/715 and S.I. 2017/1127.

[^c22913071]: S.I. 2001/544.

[^c22913081]: Section 293(3) was amended by paragraph 10(2) of Schedule 8 to the Financial Services Act 2012 and by S.I. 2017/1064.

[^c23407221]: Reg. 37(a)(b) in force at 27.2.2018, see reg. 1(2)

[^c23407231]: Reg. 43(a) in force at 27.2.2018, see reg. 1(2)

[^c23407241]: Reg. 49(1)(2)(a)(b) in force at 27.2.2018, see reg. 1(2)

[^key-0ae006f7a182d2de63a945dcd8426640]: Words in reg. 8(3) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 26(c)

[^key-0b6452c5bb45b99a1db4ab74a65c9f93]: Words in reg. 6(1)(b) inserted (14.10.2019) by The Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019 (S.I. 2019/1256), regs. 1, 2(3)

[^key-0d3f46e9b8fa92cb1e58ec771924008a]: Reg. 62(3) inserted (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(3), 12(10)(b); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0f6880085e54e8fa9a1afe0521249041]: Words in reg. 3 substituted (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(3), 12(4); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0fb0833cac63ab6b69d846204f426a62]: Words in reg. 5(2)(e) inserted (14.10.2019) by The Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019 (S.I. 2019/1256), regs. 1, 2(2)