BENCH 2.1 Parts of the Handbook applicable to benchmark submission activity and benchmark administration activity

High Level Standards

Principles for Businesses (PRIN)

This applies.

Senior management arrangements, Systems and Controls (SYSC)

This applies.

Threshold Conditions (COND)

This applies.

Statements of Principle and Code of Practice for Approved Persons (APER)

This applies to an approved person of a firm that is not a relevant authorised person2who performs a benchmark submission function or a benchmark administration function.

2Code of Conduct sourcebook (COCON)

This applies to conduct rules staff of relevant authorised persons.

The Fit and Proper test for Approved Persons (FIT)

This applies.

General Provisions (GEN)

This applies.

Fees Manual (FEES)

This applies.

Business Standards

Market Conduct Sourcebook (MAR)

MAR 1 (Code of Market Conduct), MAR 2 (Stabilisation) and MAR 8 (Benchmarks) apply.

Regulatory processes

Supervision manual (SUP)

This applies, with the following qualifications:

(a)

SUP 4 (Actuaries), SUP 12 (Appointed representatives), SUP 13 (Exercise of passport rights by UK firms), SUP 13A (Qualifying for authorisation under the Act), SUP 14 (incoming EEA firms changing details and cancelling qualification for authorisation), SUP 17 (Transaction Reporting), SUP 18 (Transfer of business), SUP 21 (Waiver), SUP App 2 (Insurers: Regulatory intervention points and run-off plans) and SUP App 3 (Guidance on passporting issues) will not be relevant to the regulated activities of providing information in relation to a specified benchmark and administering a specified benchmark.

Decision Procedure and Penalties Manual (DEPP)

This applies.

Redress

Dispute Resolution: the Complaints sourcebook (DISP)

All firms are subject to the Compulsory Jurisdiction of the Financial Ombudsman Service.

However, a firm which does not, and notifies the FCA under DISP 1.1.12 R that it does not, conduct business with eligible complainants (persons eligible to have a complaint considered by the Financial Ombudsman Service, as defined in DISP 2.7) will be exempt from the rules on treating complaints fairly (DISP 1.2 to DISP 1.11) and from the Financial Ombudsman Funding rules (FEES 5.1 to FEES 5.7).

The definition of the regulated activities of providing information in relation to a specified benchmark and administering a specified benchmark mean that benchmark submitters and benchmark administrators will qualify for these exemptions if it applies for them.

Handbook Guides

Special Guide for benchmark administrators (BENCH)

This applies.

Regulatory Guides

The Enforcement Guide (EG)

This applies.

The Perimeter Guidance Manual (PERG)

This applies.

Glossary of definitions

This applies.