UK: FCA consultation paper - bringing additional benchmarks into the regulatory and supervisory regime

The Financial Conduct Authority has published a consultation paper titled Bringing additional benchmarks into the regulatory and supervisory regime: see here (pdf). The paper seeks views on how the FCA's current approach to benchmark supervision could be applied beyond LIBOR, and in particular to the seven additional benchmarks the FCA will regulate from April 2015. The paper notes, for example, that whilst the MAR 8.3 requirements and guidance work well for the LIBOR administrator, modifications are needed to accommodate differences in other benchmarks.