CP18/5: EU Benchmarks Regulation Implementation (DEPP and EG)

Read the summary of CP18/5 (PDF)[1]

Read the full consultation (PDF)[2]

We need to amend the Decision Procedure and Penalties manual (DEPP) and Enforcement Guide (EG) because of the changes introduced by the Benchmarks Regulation and the UK Benchmarks Regulations 2018. In relation to our powers over certain unauthorised persons, we propose to apply our existing policy and procedure to the exercise of our enforcement powers under the Benchmarks Regulation. We are further proposing a bespoke decision-making procedure for authorisation, registration, recognition and endorsement which is addressed through amendments to DEPP.

Who this applies to

These proposals will be of interest to anyone who may be subject to regulation under the Benchmarks Regulation. This will include (but is not limited to):

• benchmark administrators
• firms that provide or contribute input data to benchmarks
• service providers to whom functions, services or activities in the provision of a benchmark have been outsourced, or a person who is not the service provider but who is or has been party to a contract for such outsourcing
• other unauthorised persons subject to the Benchmarks Regulation

What you need to do

Please send us your comments by 5 March 2018: 

Online response form[3]

You can also:

• email [email protected] or
• write to: Law & Policy, Enforcement and Market Oversight Division, Financial Conduct Authority, 25 The North Colonnade, London E14 5HS

Next steps

We are consulting for 4 weeks to allow us to consider consultation responses and publish our Policy Statement in April 2018.