|
|
The Handbook provisions come into force on 1 April 2015.
This Policy Statement also presents the amended Handbook text that applies to regulated benchmark administrators and submitters to benchmarks.
The FCA outlined its proposals for regulating and supervising the seven additional benchmarks coming into regulatory scope. This followed recommendations by the Fair and Effective Markets Review and the Treasury's subsequent consultation on the recommendations.
The benchmarks being brought into scope are:
Currently, the London Inter-bank Offered Rate (LIBOR) is the only benchmark that the FCA regulates. As the existing regulatory regime (MAR 8) was designed for benchmarks that are determined through a submission process, the FCA needs to adapt its rules to those benchmarks being brought into regulation, in particular benchmarks without submitters. We also proposed adding a record‑keeping requirement for benchmark administrators and clarifying the existing financial resources requirement.