Financial Services And Markets Citation and commencement 1 This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 and comes into force on 1st April 2015. Interpretation 2 In this Order— “ the Act ” means the Financial Services and Markets Act 2000; “administering” a specified benchmark has the meaning given in paragraph (2)(b) of article 63O of the Regulated Activities Order (specified benchmarks); “providing information” in relation to a specified benchmark has the meaning given in paragraph (2)(a) of article 63O of the Regulated Activities Order; and “the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 . Amendment of the Regulated Activities Order 3 For Schedule 5 to the Regulated Activities Order substitute— SCHEDULE 5 SPECIFIED BENCHMARKS Article 63R The benchmarks known by the following names are specified— 1 The London Interbank Offered Rate, also known as LIBOR; 2 ISDAFIX ; 3 Sterling Overnight Index Average, also known as SONIA; 4 Repurchase Overnight Index Average, also known as RONIA; 5 WM/Reuters London 4 p.m. Closing Spot Rate; 6 London Gold Fixing ; 7 LBMA Silver Price; 8 ICE Brent Index. . Transitional provisions 4 1 Paragraph (2) applies to a person (“A”) who, on the last working day before 1st April 2015, was an authorised person whose Part 4A permission did not include either of the activities specified in article 63O of the Regulated Activities Order in relation to a specified benchmark and— a who provided information to the administrator of a benchmark, which, if provided on 1st April 2015, would be provided in relation to a specified benchmark; or b who administered a benchmark that on 1st April 2015 is a specified benchmark. 2 A is to be treated as having a Part 4A permission varied on 1st April 2015 to carry on the activity of providing information in relation to a relevant specified benchmark or the activity of administering a relevant specified benchmark, as applicable. 3 A Part 4A permission that is treated as having been varied under this article is to be treated as being varied by— a in the case of a PRA authorised person, the PRA; or b in the case of any other authorised person, the FCA. 4 For the purposes of this article, the administrator of a benchmark is a person who is— a administering the arrangements for determining the benchmark; b collecting, analysing or processing information or expressions of opinion provided by third parties for the purpose of determining the benchmark; or c determining the benchmark through the application of a formula or other method of calculation to the information or expressions of opinion provided for that purpose. Interim permission 5 1 Paragraph (2) applies to a person (“B”) who is not an authorised person and who on the last working day before 1st April 2015 was carrying on the activities of providing information in relation to or administering a benchmark that on 1st April 2015 would be the activities of providing information in relation to or administering a specified benchmark (“S”). 2 B is to be treated as having a Part 4A permission to carry on the activity of providing information in relation to or administering S, as applicable. 3 The Part 4A permission which B is to be treated as having is referred to in this Order as an “interim permission”. 4 B’s interim permission lapses on the earliest of— a the date specified in a notice of cancellation of permission given under this sub-paragraph by the FCA; b the cancellation of permission by the FCA under section 55H of the Act (variation by FCA at request of authorised person); or c the exercise by the FCA of its power under section 55J of the Act (variation or cancellation on initiative of regulator). 5 A notice of cancellation of permission under paragraph (4)(a) may only be given by the FCA when— a whether in relation to B or another person, a Part 4A permission is given or an existing Part 4A permission is varied so as to include permission to carry on the activity of providing information in relation to, or administering, S; or b B fails to make an application for a Part 4A permission within 3 months beginning with 1st April 2015. 6 A notice of cancellation of permission given to B under paragraph (4)(a) must be given— a in writing; and b at least 7 days in advance of the cancellation of the interim permission. 7 For the purposes of paragraph (4)(a), section 55Z of the Act (cancellation of Part 4A permission: procedure) does not apply. Application of the FCA’s rules etc. to persons with interim permission 6 1 The FCA may direct in writing that any relevant provision which would otherwise apply to a person by virtue of an interim permission is not to apply, or is to apply to that person as modified in the way specified in the direction. 2 Where the FCA makes a rule, gives guidance or issues a statement or code which applies only to persons with an interim permission (or only to a class of such persons), the following sections of the Act do not apply to that rule, guidance, statement or code— a section 63D (statement of policy: procedure); b section 138I (consultation by the FCA); and c subsection (3) of section 139A (power of the FCA to give guidance). 3 For the purpose of paragraph (1), a “relevant provision” is any provision made as a result of the exercise by the FCA of any of its legislative functions mentioned in paragraph 8(3) of Schedule 1ZA to the Act (the financial conduct authority). Application of the Act to persons with interim permission 7 1 This article applies to every person with an interim permission under article 5(2) of this Order. 2 A person with an interim permission is to be treated as an authorised person for the purposes of the Act (and any provision made under the Act), unless otherwise expressly provided for by this article. 3 For the purpose of section 20 of the Act (authorised person acting without permission), a person’s interim permission is treated as having been given to that person under Part 4A of the Act. 4 For the purpose of section 55L(1) of the Act (imposition of requirements by FCA), a person who obtains interim permission by virtue of this Order is treated as having applied to the FCA for a Part 4A permission or variation of a Part 4A permission. 5 For the purpose of section 55L(2) of the Act, a person’s interim permission is treated as having been given to that person by the FCA. 6 A person’s interim permission is to be disregarded for the purposes of the following sections of the Act— a section 38(2) (exemption orders); b section 55A(3) (application for permission); c section 55E (giving permission: the FCA); and d section 55F (giving permission: the PRA). Imposition of requirements by the FCA 8 1 The FCA may exercise its power under section 55L(3) of the Act (imposition of requirements by FCA) in relation to a person who immediately before 1st April 2015 had a Part 4A permission to carry on any of the activities in article 63O of the Regulated Activities Order, if it appears to the FCA that it is necessary to ensure regulation of any specified benchmark. 2 Where the FCA exercises its power under section 55L(3) in accordance with paragraph (1), section 55Y of the Act (exercise of own-initiative power: procedure) does not apply. Amendments to the Financial Services 2012 (Misleading Statements and Impressions) Order 2013 9 For article 3 of the Financial Services 2012 (Misleading Statements and Impressions) Order 2013 substitute— Relevant benchmarks 3 The benchmarks known by the following names are specified for the purposes of section 93(4) of the Act— a The London Interbank Offered Rate, also known as LIBOR; b ISDAFIX ; c Sterling Overnight Index Average, also known as SONIA; d Repurchase Overnight Average, also known as RONIA; e WM/Reuters London 4 p.m. Closing Spot Rate; f London Gold Fixing ; g LBMA Silver Price; h ICE Brent Index. . Gavin Barwell John Penrose Two of the Lords Commissioners of Her Majesty’s Treasury 23rd February 2015