Article ID: e7348e872489e0db7386f6fde38e1a501e329616dc95e95ea268247a007ac2bd
Source ID: regulatory:fca.org.uk
Published At: -
Extraction Method: trafilatura
URL: https://www.fca.org.uk/markets/benchmarks
Body Text
Benchmarks are used in a wide range of markets including helping to set prices and measure performance. Find out more about Benchmarks and our work in this area. On 1 January 2018 the EU Benchmark Regulation (BMR) took full effect. It replaced the previous UK regulatory regime that captured 8 benchmarks that were specified by the Treasury, and significantly widened the scope of benchmark regulation across the EU. Following the UK’s withdrawal from the EU and the end of the transition period, the BMR has been brought into UK law (UK BMR). Under the UK BMR, we are responsible for: - authorisation and registration of UK benchmark administrators - recognition of third country administrators - endorsement of third country benchmarks - enforcement - supervision of benchmark administrators, users, and contributors in the UK Our BENCH guidance sets out what parts of the Handbook apply to benchmark submitters and administrators. Benchmark administrators UK firms involved in benchmark administration were required to submit their application through one of the prescribed routes (authorisation or registration) before 1 January 2020. Third country benchmark administrators will need to be approved through the recognition or endorsement regimes, where an equivalence decision doesn't apply to them, by 31 December 2030. Benchmark administrators that are authorised or registered under UK BMR, and third country benchmarks, can be found on the UK Benchmarks Register. Our work on benchmark regulation In the UK, we work closely with the Treasury and the Bank of England to ensure the effective regulation of benchmarks. Globally, we have also been influential in setting standards, through our co-chairing of the International Organisation of Securities Commissions (IOSCO) and the Financial Stability Board (FSB) committees.
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