Fair and Effective Markets Review – Amendments to scope of UK benchmarks regulatory regime

Following the LIBOR manipulation investigation, the Financial Conduct Authority FCA and Prudential Regulation Authority PRA, took steps to develop and implement a supervisory framework for benchmark administrators and submitters. This has been effected by incorporating benchmark administration and submission of information into the UK’s regulated activities regime. On 2 April 2013, the following became regulated activities under Article 63O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO):