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

UK Statutory Instrument 2018 No. 135 — creates 1 criminal offence.

1offences created

0recorded in force

0revoked

Made: 1 February 2018
In force from: Not determined
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: European Communities Act 1972, FINANCIAL SERVICES AND MARKETS The Financial Services and Markets Act 2000

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations implement parts of Regulation (EU) No 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (OJ L171, 29/06/2016 p.1) and amending Directive 2008/48/EC (OJ L133, 22/05/2008 p.66) and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L173 12/06/2014 p.1) (“the EU Benchmarks Regulation 2016”). Part 1 of these Regulations (introductory provisions) designates the Financial Conduct Authority (the “FCA”) as the competent authority in the United Kingdom responsible for carrying on the duties of the competent authority under the EU Benchmarks Regulation 2016. Part 2 of these Regulations (FCA powers over Miscellaneous BM persons) makes provision for the FCA to exercise powers in respect of persons who are involved in the provision of a benchmark (Miscellaneous BM persons) but are not benchmark administrators within the meaning of Article 3 of the EU Benchmarks Regulation 2016. Part 3 of these Regulations (FCA powers in relation to persons publishing or contributing to benchmarks) makes provision for the FCA to impose requirements on persons requiring them to administer or contribute to a benchmark. Part 4 of these Regulations (administering a benchmark) makes provision in respect of the administration of a benchmark. Part 5 of these Regulations (amendments to the Act) makes amendments to the Financial Services and Markets Act 2000 (c.8) (“the Act”) to give effect to the EU Benchmarks Regulation 2016. Section 22 of the Act (regulated activities) is amended to provide that administration of a benchmark is a regulated activity. There are also other amendments to the Act. Part 6 of these Regulations (amendments to secondary legislation) makes amendments to secondary legislation made under the Act. Amendments are made to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) to provide that administering a regulated benchmark is a specified activity for the purposes of section 22 of the Act. There are also amendments to other secondary legislation. Part 7 of these Regulations makes transitional provisions in respect of benchmarks. Part 8 of these Regulations (miscellaneous provisions) makes a minor amendment to the Act for the purposes of Directive (EU) 2016/1148 of the European Parliament and of the Council of 6 July 2016 concerning measures for a high common level of security of network and information systems across the Union (“the Directive”) (OJ No L194, 19.7.2016, p1). Provision is also made in Part 8 for a review of these Regulations within five years. A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sector is foreseen.

Offences created by this instrument

Misleading the FCA regulation 16(3) · Status not determined · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 Lords · Lords Chamber · 25 June 2018 · The Minister of State, Department for International Development (Lord Bates) (Con)
My Lords, the UK and London are world-leading financial centres, providing access to a wide pool of investors and international capital. This is built on the expertise of the UK’s financial services sector in providing products that meet the needs of a variety of economic actors in the UK and around the world. The UK has therefore sought to establish itself as a leading western centre for Islamic finance, illustrated by the UK becoming the first western country to issue a sovereign sukuk, or Islamic-equivalent bond, in 2014. The UK attracts business and investment from Muslim and non-Muslim…

How Parliament handled it

This instrument became law without a debate or a vote. Under the negative procedure it took effect unless a motion to stop it succeeded, and none was tabled.

Procedure: Made negative — law unless a motion to stop it succeeded
Could either House amend it?: No. A statutory instrument is put to each House as a whole thing, to be approved or not. Neither House can change a word of it.
Committee: Drawn to the special attention of the Houses by a scrutiny committee

Procedural history

Instrument created 1 February 2018
Instrument made (signed into law) 1 February 2018
Laid before the House of Commons 5 February 2018 · Commons
Laid before the House of Lords 5 February 2018 · Lords
Considered by the Secondary Legislation Scrutiny Committee (SLSC) 27 February 2018 · Lords
No comment by the Secondary Legislation Scrutiny Committee (SLSC) 27 February 2018 · Lords
Considered by the Joint Committee on Statutory Instruments (JCSI) 14 March 2018 · Commons, Lords
Drawn to the special attention of the Houses by the Joint Committee on Statutory Instruments (JCSI) 14 March 2018 · Commons, Lords
Joint Committee on Statutory Instruments (JCSI) draws the special attention of both Houses to the instrument on other grounds 14 March 2018 · Commons, Lords
Objection period ends 27 March 2018
Instrument remains law 27 March 2018
Procedure concluded in the House of Commons and the House of Lords 27 March 2018 · Commons, Lords
Instrument comes into force as law Date not recorded

From Parliament's Statutory Instruments service. Parliamentary material is reused under the Open Parliament Licence v3.0.

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This instrument on legislation.gov.uk The authoritative text, including amendments made since
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