Moved by
Lord Sassoon
71: Clause 7, page 43, line 34, after “(1A),” insert—
“( ) after subsection (5) insert—
“(6) “Benchmark” means an index, rate or price that—
(a) is determined from time to time by reference to the state of the market,
(b) is made available to the public (whether free of charge or on payment), and
(c) is used for reference for purposes that include one or more of the following—
(i) determining the interest payable, or other sums due, under loan agreements or under other contracts relating to investments;
(ii) determining the price at which investments may be bought or sold or the value of investments;
(iii) measuring the performance of investments.””
72: Clause 7, page 44, line 18, leave out “22(1A)” and insert “22(1A)(a)”
73: Clause 7, page 44, line 35, at end insert—
“Part 2B
Regulated activities relating to the setting of benchmarks
General
24E The matters with respect to which provisions may be made under section 22(1A)(b) include, in particular, those described in general terms in this Part of this Schedule.
Providing information
24F Providing any information or expression of opinion that—
(a) is required by another person in connection with the determination of a benchmark, and
(b) is provided to that person for that purpose.
Administration
24G (1) Administering the arrangements for determining a benchmark.
(2) Collecting, analysing or processing information or expressions of opinion for the purpose of the determination of a benchmark.
Determining or publishing benchmark or publishing connected information
24H (1) Determining a benchmark.
(2) Publishing a benchmark or information connected with a benchmark.””