Regulatory Alerts2017-06-20
Added · Updated
PS17/28: Handbook changes to reflect the application of the EU Benchmarks Regulation
The Financial Conduct Authority publishes near-final rules and final draft application forms to align its Handbook with the EU Benchmarks Regulation, which applies from 1 January 2018. The changes affect benchmark administrators, supervised users, and supervised contributors by establishing specific fee structures and clarifying that certain Handbook requirements do not apply to Annex II commodity benchmark administrators. Application fees are set at £25,000 for critical benchmarks, £5,000 for significant benchmarks, and £1,500 for non-significant benchmarks, with periodic fees based on gross income. The Authority maintains transitional provisions for existing UK rules until administrators are authorized or registered under the new regime.
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