Regulatory Alerts2021-05-19
Added · Updated
CP21/15: Benchmarks Regulation: how we propose to use our powers over use of critical benchmarks
The Financial Conduct Authority proposes using new powers under the Benchmarks Regulation to permit legacy use of critical benchmarks designated as Article 23A benchmarks and to restrict new use of ceasing critical benchmarks. These powers allow the regulator to authorize continued use in legacy contracts lacking adequate fallback provisions and to prohibit new exposures during wind-down periods to protect consumers and market integrity. The consultation outlines factors for assessing consumer protection risks, contract amendment feasibility, and market stability impacts for regulated and unregulated entities.
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