We continue to plan for a range of outcomes in relation to Brexit, including the UK leaving the EU without an implementation period. To prepare for this scenario, we have developed a new UK Benchmarks Register. The 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.
Benchmarks Administrators
The Benchmarks Administrators Register is a public record of all benchmark administrators that are:
- authorised, registered or recognised by us
- 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[1].
Third-country Benchmarks
The Third-country Benchmarks Register is a public record of all benchmarks that are:
- provided by third country benchmarks administrators recognised by us
- 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 us 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[1].
On Exit day, we 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[2].
We will provide further information about accessing the UK Benchmarks Register on our website. You can also sign up to receive email updates[3] on the UK Benchmarks Register and benchmarks regulation in the UK generally.