The Critical Benchmarks Regulations 2024
These Regulations specify the following as critical benchmarks for the purposes of Article A20(5) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds: the WMR Closing Spot Rates (also known as the WMR London 4pm Closing Spot Rate) and ICE Swap Rate®.
Lifecycle
Department
Made
21 Oct 2024
—
In force
13 Nov 2024
Enabling power
The Treasury make these Regulations in exercise of the power conferred by Article A20(5) ofof the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. Regulation (EU) 2016/1011 In accordance with Article A20 of that Regulation: the Financial Conduct Authority has recommended that the benchmarks specified in these Regulations should be recognised as critical in accordance with the review procedure in paragraphs 2 and 3 of Article A20; the Treasury have determined for the purposes of paragraph 5 of Article A20 that the Financial Conduct Authority’s review complies with the requirements of paragraphs 2 and 3 of Article A20.
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