15 Orderly cessation of Article 23A benchmarks
Financial Services Act 2021 (2021 c 22) | Legislation

15  Orderly cessation of Article 23A benchmarks

(1)     In the Benchmarks Regulation, after Article 23C (inserted by section 14) insert—

“Article 23D Orderly cessation of Article 23A benchmarks

1     This Article applies to an Article 23A benchmark.

2     The FCA may by written notice impose requirements on the benchmark administrator relating to any of the following—

(a)     the way in which the benchmark is determined, including the input data,

(b)     rules of the benchmark, and

(c)     where the benchmark is based on submissions by contributors, the code of conduct referred to in Article 15.

3     The FCA may only exercise the powers under paragraph 2 if—

(a)     it considers it appropriate to do so having regard to the desirability of securing that the cessation of the benchmark takes place in an orderly fashion, and

(b)     it considers it desirable to do so in order to advance either or both of the following—

(i)     its consumer protection objective (see section 1C of FSMA);

(ii)     its integrity objective (see section 1D of that Act).

4     In exercising a power under paragraph 2 in relation to a benchmark that is used outside the United Kingdom, the FCA may, among other

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