BENCH 2.1 Parts of the Handbook applicable to regulated benchmark administrators and benchmark contributors
- (1)
The parts of the Handbook applicable to regulated benchmark administrators when they carry out the regulated activity of administering a benchmark are listed in BENCH 2.1.2G.4
- (2)
Regulated benchmark administrators should read the applicable parts of the Handbook to find out what the detailed regulatory requirements are for the regulated activity of administering a benchmark. Firms should note that in some cases, different Handbook provisions apply depending on whether or not the regulated benchmark administrator is an Annex II benchmark administrator (see MAR 8.5.2R, MAR 8.5.4R and MAR 8.5.7R).4
- (3)
Regulated benchmark administrators which also carry on other regulated activities may be subject to other parts of the Handbook as well. The table in BENCH 2.1.2G does not refer to those.4
- (4)
In some cases, the application of other parts of the Handbook is excluded in relation to a firm’s benchmark activities (see the relevant Handbook provisions for the detailed application).4
- (5)
Regulated benchmark administrators are also reminded of their directly applicable obligations under the benchmarks regulation and onshored regulations which were previously EU regulations made under the EU benchmarks regulation.6
4
Parts of the Handbook applicable to the the regulated activity of administering a benchmark.4
Part of the Handbook |
Applicability to the regulated activity of administering a benchmark4 |
|
High Level Standards |
Principles for Businesses (PRIN) |
This applies. |
Senior Management Arrangements4, Systems and Controls (SYSC) |
The detailed application of this is set out in SYSC 1 Annex 1. However, in general, only the following parts of SYSC will be relevant to a firm which only has permission to carry on the regulated activity of administering a benchmark:4 (b) SYSC 18.3.9G;4 |
|
Statements of Principle and Code of Practice for Approved Persons (APER) |
This does not apply7 524 |
|
This applies to a firm’s7 conduct rules staff7. 5 |
||
The Fit and Proper test for Employees and Senior Personnel5 (FIT) 4 |
This applies. |
|
General Provisions (GEN) |
This applies. However, the application of GEN 4 is very limited in relation to administering a benchmark. GEN 7 does not apply to the activity of administering a benchmark.4 |
|
Fees Manual (FEES) |
This applies. |
|
Business Standards |
Market Conduct Sourcebook (MAR) |
MAR 1 (Market Abuse)3, MAR 2 (Stabilisation) and MAR 8 (Benchmarks) apply. |
Regulatory processes |
Supervision manual (SUP) |
This applies, with the following qualifications: (a) In general only the following parts of SUP will be relevant to a firm which only has permission to carry on the regulated activity of administering a benchmark: SUP 1-2, SUP 5-8, SUP 9, SUP 10C,7 SUP 15-15B, SUP 16.1-16.3 and SUP 16.10.4 (b) [deleted]7 (c) A regulated benchmark administrator is an SMCR firm and so SUP 10C applies to it. That chapter deals with the designated senior management functions that apply to a regulated benchmark administrator and other SMCR firms.7 If a regulated benchmark administrator is a core SMCR firm, the following FCA-designated senior management functions, which normally apply to a core SMCR firm, do not apply:7 (i) the compliance oversight function; and7 (ii) the money laundering reporting function.7 That is because those FCA-designated senior management functions are specified by incorporation of requirements in SYSC and the relevant parts of SYSC do not apply in relation to benchmark activities (which includes administering a benchmark).7 5454 |
Decision Procedure and Penalties Manual (DEPP) |
This applies. |
|
Handbook Guides |
General guidance on Benchmark Administration, Contribution and Use4 (BENCH) |
This applies. |
Regulatory Guides |
The Enforcement Guide (EG) |
This applies. |
The Perimeter Guidance Manual (PERG) |
This applies. |
|
Glossary of definitions |
This applies. |
|