The Benchmarks (Provision of Information and Documents) Regulations 2021

Made: 7th July 2021

Laid before Parliament: 9th July 2021

Coming into force: 9th August 2021

The Treasury make the following Regulations in exercise of the powers conferred by Articles 48A and 49(2) of Regulation (EU) 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 .

PART 1 — General

Citation, commencement and extent

1

• (1) These Regulations may be cited as the Benchmarks (Provision of Information and Documents) Regulations 2021 and come into force on 9th August 2021.

• (2) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Interpretation

2

In these Regulations—

• “the Benchmarks Regulation” means Regulation (EU) 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;

• “the FCA” means the Financial Conduct Authority.

Transitional provision

3

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

PART 2 — Provision of information and documents – critical benchmarks

Application of Part

4

This Part applies for the purposes of—

• (a) in Article 22A of the Benchmarks Regulation (assessment of representativeness of critical benchmarks: administrator) —

• (i) a notice given by the FCA to an administrator under paragraph 3 or 11;

• (ii) a permission given by the FCA to an administrator under paragraph 9;

• (b) in Article 22B of that Regulation (assessment of representativeness of critical benchmarks: FCA) , a notice given by the FCA to an administrator under paragraph 3;

• (c) in Article 23A of that Regulation (designation of certain critical benchmarks) , a notice given by the FCA to an administrator under paragraph 1(b), 4, 7 or 9;

• (d) in Article 23D of that Regulation (orderly cessation of Article 23A benchmarks) , a notice given by the FCA to an administrator under paragraph 2 or 8(b).

Provision of an address to which information or a document may be sent electronically

5

• (1) An administrator of a critical benchmark—

• (a) must provide the FCA with an email address to which a notice or permission to which this Part applies may be sent;

• (b) may provide the FCA with an address (other than an email address) to which such a notice or permission may, with the written agreement of the FCA, be sent electronically.

• (2) An address provided in accordance with paragraph (1) must be provided—

• (a) where the benchmark is listed in Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council, before 14 August 2021;

• (b) where regulations are made specifying the benchmark as critical under paragraph 5 or 6 of Article 20A, or paragraph 5 of Article 20, of the Benchmarks Regulation, within five working days beginning with the day on which those regulations come into force.

• (3) The administrator may provide a different address in substitution for one provided in accordance with paragraph (1).

• (4) An address provided under paragraph (3) must be provided no less than five working days before the day on which the administrator intends the substitution to take effect.

• (5) The conditions in paragraph (1) apply in respect of such an address as they apply to an address provided in accordance with that paragraph.

Date on which information or a document is treated as having been received

6

A notice or permission sent by the FCA to an administrator at an address provided in accordance with regulation 5 shall be deemed to have been received—

• (a) in respect of a notice or permission referred to in regulation 4(a) to (c)—

• (i) if sent on a working day before 5 p.m., on that day;

• (ii) otherwise, on the following working day;

• (b) in respect of a notice referred to in regulation 4(d)—

• (i) if sent before 5 p.m., on the day on which it is sent;

• (ii) otherwise, on the following day.

Signed

Alan Mak — David Rutley — Two of the Lords Commissioners of Her Majesty's Treasury — 2021-07-07

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: EUR 2016/1011. Article 48A is inserted by paragraph 11 of Schedule 5 to the Financial Services Act 2021 (c. 22).

[^f00002]: Article 22A is inserted by section 11(2) of the Financial Services Act 2021 (c. 22).

[^f00003]: Article 22B is inserted by section 11(2) of the Financial Services Act 2021 (c. 22).

[^f00004]: Article 23A is inserted by section 13 of the Financial Services Act 2021 (c. 22).

[^f00005]: Article 23D is inserted by section 15 of the Financial Services Act 2021 (c. 22).

Editorial notes

[^c24555601]: EUR 2016/1011. Article 48A is inserted by paragraph 11 of Schedule 5 to the Financial Services Act 2021 (c. 22).

[^c24555611]: Article 22A is inserted by section 11(2) of the Financial Services Act 2021 (c. 22).

[^c24555621]: Article 22B is inserted by section 11(2) of the Financial Services Act 2021 (c. 22).

[^c24555631]: Article 23A is inserted by section 13 of the Financial Services Act 2021 (c. 22).

[^c24555641]: Article 23D is inserted by section 15 of the Financial Services Act 2021 (c. 22).

[^key-a144a79a7725764f168f56ea46e51fee]: Reg. 3 omitted (8.8.2021) by virtue of The Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 (S.I. 2021/920), regs. 1(1), 2(a)

[^key-59e0d2c2b8b7ea5917930502870a851c]: Reg. 5(2) substituted (8.8.2021) by The Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 (S.I. 2021/920), regs. 1(1), 2(b)

[^key-30f5d2cdbf7628fe447a8727e59cd803]: Reg. 5 in force at 9.8.2021, see reg. 1(1)

[^key-e9d6d2c95b427046964e7af724ba62cd]: Reg. 1 in force at 9.8.2021, see reg. 1(1)

[^key-5dcc5672bfea97d19547cd797ca2e52c]: Reg. 2 in force at 9.8.2021, see reg. 1(1)

[^key-acc055140a5bc49632ea933b1c22e078]: Reg. 4 in force at 9.8.2021, see reg. 1(1)

[^key-157ac19e72b91029e2ac77192b034d53]: Reg. 6 in force at 9.8.2021, see reg. 1(1)