On Oct. 22, UK Treasury issued the critical benchmarks regulations.
UK Treasury published the Critical benchmarks regulations 2024 (StIn 2024/1051).
Critical Benchmarks
This instrument specifies two benchmarks, WMR closing spot rates and ICE swap rate, as critical using powers under Reg 2016/1011, which forms part of assimilated law.
Administrators of benchmarks will become subject to more stringent regulatory requirements, reflecting importance of benchmarks to operation of financial markets.
UK FCA also have greater powers to intervene to address potential market disruption.
