Brexit — FCA to introduce UK Benchmarks Register
The FCA has said that in its plans to prepare for a range of outcomes in relation to Brexit, including the UK leaving the EU without a transition period, it has developed a new UK Benchmarks Register. This new Register will replace the ESMA Register for UK supervised users, and UK and third-country based benchmark administrators that want their benchmarks to be used in the UK. The new UK Benchmarks Register will include benchmark administrators and third country benchmarks.
The Benchmarks Administrators Register is a public record of all benchmark administrators that are:
- authorised, registered or recognised by the FCA;
- outside the UK and have notified the FCA that they benefit from an equivalence decision that has been adopted by the UK;
- copied from the ESMA register as set out in the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (link is external).
The Third-Country Benchmarks Register is a public record of all benchmarks that are:
- provided by third country benchmarks administrators recognised by the FCA;
endorsed by a UK authorised or registered benchmarks administrator, or other supervised entity, for use in the UK
provided by benchmarks administrators from outside the UK, that have notified the FCA that they benefit from an equivalence decision that has been adopted by the UK
copied from the ESMA register as set out in the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (link is external).
On exit day, the FCA will temporarily copy information from the ESMA register onto the UK Benchmarks Register. This information will stay on the UK Benchmarks Register for a period of 2 years unless it is subsequently removed pursuant to, and in accordance with, the UK Benchmarks Regulation.