Benchmark administrator applications and equivalence notifications

Find out how to get authorised or registered as a UK benchmark administrator, endorse a third country benchmark, apply for recognition as a third country benchmark administrator, or make an equivalence notification.

The Treasury has implemented the authorisation and registration regime under the UK Benchmark Regulation (BMR).  Administrators who’ve already been authorised or registered in the UK under the BMR, will automatically have the new Part 4A permission and don’t need to submit another application.

For third country benchmark administrators and benchmarks, learn more about how to apply.

How to get authorised or registered as a UK 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
  • 45 working days for registration

Find out how to apply using Connect

Third country benchmarks 

Currently, third country benchmark administrators will need to be approved through the recognition or endorsement regimes before 1 January 2022, where a BMR equivalence decision doesn’t apply to them. 

However, the Government has announced that it intends to extend this deadline until the end of 2025.

Third country benchmark administrators can be added to our benchmarks register through one of 3 routes: equivalence, recognition or endorsement. 

The third country benchmarks register is a public record of all benchmarks that are: 

  • provided by third country benchmark administrators recognised by us
  • endorsed by a UK authorised or registered benchmark administrator, or other supervised entity, for use in the UK
  • provided by third country benchmark administrators that have notified us of consent for their use in the UK, under an equivalence decision adopted by the UK

How to endorse a third country benchmark

If you are new to us and would like to endorse a third country benchmark under the BMR, you will need to complete the following forms:

Please submit your completed application to [email protected].

If you are an existing firm known to us, and would like to endorse a third country benchmark under the 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

How to become a recognised third country benchmark administrator

Any third country benchmark 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

How to make an equivalence notification 

Firms from jurisdictions benefitting from an equivalence decision adopted by the UK, may notify us of consent for their benchmark(s) to be used in the UK by completing the forms below.

Please submit your completed notification to [email protected].

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.

Contact us

For regulatory enquiries specifically related to benchmarks, contact our Benchmarks Supervision team via email at [email protected].

For general queries, including general regulatory questions, you can get in touch with our contact centre.