UK Benchmarks Regulation definition

UK Benchmarks Regulation means the EU Benchmarks Regulation as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

UK Benchmarks Regulation. Interest and/or other amounts payable under the Covered Bonds may be calculated by reference to certain reference rates. Any such reference rate may constitute a benchmark for the purposes of Regulation (EU) 2016/1011 as it forms part of domestic law by virtue of the EUWA (the "UK Benchmarks Regulation"). If any such reference rate does constitute such a benchmark, the Final Terms (or Pricing Supplement, as the case may be) will indicate whether or not the benchmark is provided by an administrator included in the register of administrators and benchmarks established and maintained by the FCA pursuant to Article 36 (Register of administrators and benchmarks) of the UK Benchmarks Regulation (the "UK Register"). Not every reference rate will fall within the scope of the UK Benchmarks Regulation. Furthermore, the transitional provisions in Article 51 of the UK Benchmarks Regulation may have the result that the administrator of a particular benchmark is not currently required to appear in the UK Register at the date of the relevant Final Terms (or the Pricing Supplement, as the case may be). The registration status of any administrator under the UK Benchmarks Regulation is a matter of public record and, save where required by applicable law, the Issuers do not intend to update the Final Terms (or Pricing Supplement, as the case may be) to reflect any change in the registration status of the administrator.

UK Benchmarks Regulation. Interest and/or other amounts payable under the Covered Bonds may be calculated by reference to certain reference rates. Any such reference rate may constitute a benchmark for the purposes of Regulation (EU) 2016/1011 as it forms part of domestic law by virtue of the EUWA (the "UK Benchmarks Regulation"). If any such reference rate does constitute such a benchmark, the Final Terms (or Pricing Supplement) will indicate whether or not the benchmark is provided by an administrator included in the register of administrators and benchmarks established and maintained by the FCA pursuant to Article 36 (Register of administrators and benchmarks) of the UK Benchmarks Regulation. Transitional provisions in the UK Benchmarks Regulation may have the result that the administrator of a particular benchmark is not required to appear in the register of administrators and benchmarks at the date of the applicable Final Terms (or Pricing Supplement). The registration status of any administrator under the UK Benchmarks Regulation is a matter of public record and, save where required by applicable law, the Issuers do not intend to update the Final Terms (or Pricing Supplement) to reflect any change in the registration status of the administrator.

Examples of UK Benchmarks Regulation in a sentence

• Not every reference rate will fall within the scope of the UK Benchmarks Regulation or the EU Benchmarks Regulation.

• If any such reference rate does constitute a benchmark, the applicable Final Terms will indicate whether or not the benchmark is provided by an administrator included in the FCA’s register of administrators and benchmarks under Article 36 (Register of administrators and benchmarks) of the UK Benchmarks Regulation (the “FCA Register”) or ESMA’s register of administrators and benchmarks under Article 36 (Register of administrators and benchmarks) of the EU Benchmarks Regulation (the “ESMA Register”).

• Transitional provisions in the UK Benchmarks Regulation and the EU Benchmarks Regulation may have the result that the administrator of a particular benchmark is not required to appear in the FCA Register or the ESMA Register, as applicable, at the date of the relevant Final Terms (or, if located outside the UK or EU (as applicable), recognition, endorsement or equivalence).

• The registration status of any administrator under the UK Benchmarks Regulation or the EU Benchmarks Regulation is a matter of public record and, save where required by the applicable law, the Issuers do not intend to update the applicable Final Terms to reflect any change in the registration status of the administrator.

• In light of the Benchmarks Regulation, the UK Benchmarks Regulation and the Amending Regulation, and benchmark reform more generally, other benchmarks could be subject to similar announcements.

• These reforms (including the Benchmarks Regulation, the UK Benchmarks Regulation and the Amending Regulation, as applicable) could have a material impact on any Notes linked to or referencing a rate or index deemed to be a “benchmark”, in particular, if the methodology or other terms of the “benchmark” are changed in order to comply with the requirements of the Benchmarks Regulation and/or the UK Benchmarks Regulation.

• In this case, a statement will be included in the applicable Final Terms as to whether or not the relevant administrator of the "benchmark" is included in FCA’s register of administrators under the UK Benchmarks Regulation.

• UK Benchmarks Regulation – Article 29(2) statement on benchmarks: [Not Applicable]/[Applicable: Amounts payable under the Notes will be calculated by reference to [specify benchmark(s) (as this term is defined in the UK Benchmarks Regulation)] which [is/are] provided by [insert legal name(s) of the benchmark administrator(s) – if more than one specify in relation to each relevant benchmark].

• The UK Benchmarks Regulation contains substantially the same provisions as the EU Benchmarks Regulation, despite its narrower geographical scope of application.

• The onus of compliance with the UK Benchmarks Regulation rests on UK benchmark administrators and UK supervised entities.

More Definitions of UK Benchmarks Regulation

UK Benchmarks Regulation means the EU Benchmarks Regulation, as it forms part of domestic law by virtue of the EUWA;

UK Benchmarks Regulation means the Benchmarks Regulation as it forms part of domestic law of the United Kingdom by virtue of the EUWA.

UK Benchmarks Regulation means 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 and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 as it applies in the United Kingdom on and after exit day;