Following its speech on the Benchmark Regulation above, the FCA has published a policy statement on fair, reasonable and non-discriminatory (FRAND) access to regulated benchmarks (PS16/4). The FCA has decided to limit the application of the new FRAND provisions to benchmark users that are CCPs, MTFs and regulated markets (referred to in the rules, collectively, as "relevant users"). This corresponds to the scope of users covered by Article 37 of MiFIR, with the exception of organised trading facilities (OTFs) (which is a category of firms that will not be introduced until MiFID II comes into force). The rules will come into force on 1 April 2016