How to get authorised, registered or endorse a third country benchmark.
To apply to become an authorised or registered benchmark administrator or to endorse a third country benchmark under the EU Benchmarks Regulation (BMR), please complete the forms on our online system Connect.
How to become recognised
Any third country administrator wishing to apply under the BMR for recognition in the UK, please complete the forms that are available using the links below:
Using draft forms
The Connect forms and the recognition forms are all currently marked ’draft’. This is because we are waiting for legislation before we can finalise them. We expect this to come into effect in early 2018. In the meantime, applicants can use the draft forms to submit applications under the BMR. Applicants should fully complete the draft forms and provide all supporting documentation.
New permission you will need
The Treasury is expected to implement the authorisation and registration regime under the BMR through legislation that creates a new ‘Part 4A permission’. This legislation is expected to give us powers to finalise the application forms and to charge fees for UK and third country benchmark administrators.
When the proposed legislation is in force, it is expected we will be able to provide details of the fees applicants will have to pay when submitting applications. We expect that all UK administrators, including those who have already applied for authorisation or registration under the BMR, will then need to obtain the new Part 4A permission and pay the relevant application fee.
What applicants who have already sent us their application forms will need to do
If you have already submitted a draft authorisation or registration form, we expect that you will be able to apply for the new Part 4A permission either through a grandfathering mechanism or by:
- confirming by e-mail that you want us to treat your existing application under the BMR as an application for the new Part 4A permission; and
- providing any additional or updated information the new forms ask for
We also expect that applicants will need to pay the fee for their application and those who do not do so, maybe in breach of FSMA.
The timeframes for us to process your application are: 4 months for authorisation and 45 working days for registration.
Third country benchmarks
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.
Once the proposed UK legislation is in force, we will finalise the application forms and provide details about the fees. If we make our decision about your application after the relevant legislation has come into force, you will need to pay any relevant fee and provide any additional information asked for in the final versions of the forms.
Find out more on our EU Benchmarks Regulation page, including a flow chart to decide whether you should be authorised or registered.