Regulatory Alerts2018-03-05
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CP18/5: EU Benchmarks Regulation Implementation (DEPP and EG)
The Financial Conduct Authority proposes amendments to the Decision Procedure and Penalties manual (DEPP) and Enforcement Guide (EG) to implement the EU Benchmarks Regulation and the UK Benchmarks Regulations 2018. The proposals establish a bespoke decision-making framework for determining applications for authorisation, registration, recognition, and endorsement of benchmark administrators, including specific timelines of four months for authorisation and 45 working days for registration. The document also extends existing enforcement powers and penalty policies to miscellaneous benchmark persons, defining them as unauthorised entities involved in benchmark provision or data contribution. Comments on these proposals are requested by 5 March 2018.
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