11 Assessment of representativeness of critical benchmarks
Financial Services Act 2021 (2021 c 22) | Legislation

11  Assessment of representativeness of critical benchmarks

(1)     In Article 3(1) of the Benchmarks Regulation (definitions)—

(a)     after point (10) insert—

“(10A)     'supervised third country contributor' means a supervised third country entity that contributes input data to an administrator located in the United Kingdom;”, and

(b)     after point (17) insert—

“(17A)     'supervised third country entity' means an entity that would be a supervised entity by virtue of point (a) of the definition of that term (CRR firm that is a credit institution) but for the fact that it does not have its head office or registered office in the United Kingdom;”.

(2)     After Article 22 of the Benchmarks Regulation insert—

“Article 22A Assessment of representativeness of critical benchmarks: administrator

1     This Article applies to a critical benchmark that—

(a)     is based on submissions by contributors the majority of which are supervised entities or supervised third country entities, and

(b)     is not an Article 23A benchmark.

2     An administrator of a critical benchmark must submit to the FCA an assessment of the capability of the benchmark to measure the underlying market or economic reality—

(a)     at the end of the period of two years beginning

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