UK financial regulator introduces benchmarks register ahead of Brexit

Mark Johnson's picture

The UK’s Financial Conduct Authority has introduced a new benchmarks register for companies ahead of the country’s departure from the European Union.

The new Register will replace the ESMA (European Securities and Markets Authority) Register for UK supervised users, and UK and third-country based benchmark administrators that want their benchmarks to be used in the UK.

“We continue to plan for a range of outcomes in relation to Brexit, including the UK leaving the EU without an implementation period on 29 March 2019”, the regulator said. “To prepare for this scenario, we have developed a new UK Benchmarks Register.” 

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:

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 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 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

"On Exit day, we will temporarily copy information from the ESMA register onto the UK Benchmarks Register," the FCA said. This information will stay on the UK Benchmarks Register for a period of two years unless it is subsequently removed pursuant to and in accordance with the UK Benchmarks Regulation.

The FCA said it will provide further information about accessing the UK Benchmarks Register on its website. 

It’s also offering financial institutions and related groups to sign up to receive email updates on the UK Benchmarks Register and benchmarks regulation in the UK generally.

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