Benchmark administrators applications

How to get authorised or registered as a benchmark administrator

To apply to become an authorised or registered benchmark administrator, you will need to apply for a Part 4A Permission to administer a benchmark. You can do that by completing the forms on our online system Connect.

The timeframes for us to process your application are: 4 months for authorisation and 45 working days for registration.

How to endorse a third country benchmark

Existing firms known to us

If you are an existing firm and you would like to endorse a third country benchmark under the EU Benchmarks Regulation (BMR), please complete the forms on our online system Connect.

The timeframes for us to process your application are: 90 working days.

Find out how to apply using Connect

New firms 

If you are new to the FCA and would like to endorse a third country benchmark under the EU Benchmarks Regulation (BMR), you will need to complete the following forms:

Please submit your completed application to [email protected].

How to become recognised

Any third country administrator wishing to apply under the BMR for recognition in the UK, please complete the forms on our online system Connect.

The timeframes for us to process your application are: 90 working days.

Find out how to apply using Connect

The new permission you will need

The Treasury has implemented the authorisation and registration regime under the BMR through legislation that creates a new Part 4A permission for administering a benchmark (SI 2018/135). Administrators who have already been authorised or registered in the UK under the BMR are deemed to have the new Part 4A permission automatically and do not need to submit a further application.

Third country benchmarks

Under the BMR’s transitional provisions, UK firms involved in benchmark administration were required to submit their application through one of the prescribed routes (authorisation or registration) prior to 1 January 2020.

Third country benchmark administrators will need to be approved through the recognition or endorsement regimes, where a BMR Equivalence decision does not apply to them, prior to 1 January 2022. The Government has announced that it intends to extend this until the end of 2025 in forthcoming legislation.

Third country benchmark administrators can be added to the ESMA list of benchmarks in one of three ways: equivalence, recognition or endorsement. 

Administrators or supervised entities based in the UK that want to endorse a third country benchmark under the BMR, should follow the instructions above.

Third country administrators that want to be recognised in the UK under the BMR, please refer to the instructions above.

Now that UK legislation is in force, we have finalised the application forms for endorsement and recognition. (The links for both can be found above.)

Application Fees

Firms will pay only one fee, for the highest category of benchmark applied for, however many benchmarks they intend to administer. Once authorised, they will not pay any additional fee for new benchmarks administered, but we will charge for each new application to endorse third country benchmarks.

  • Complex application - £25,000: Administrators of critical benchmarks.
  • Moderately complex application - £5,000: Administrators of significant benchmarks, including all commodity and interest rate benchmarks which have not been designated as critical, and applications for recognition of third-country benchmark administrators.
  • Straightforward application - £1,500: Administrators of non-significant benchmarks and applications for endorsement of third-country benchmarks.

Please see Policy Statement PS17/28 for details of the periodic fees.

Further information

Find out more on our EU Benchmarks Regulation page, including a flow chart to decide whether you should be authorised or registered.