The UK Financial Conduct Authority will commence the regulation of seven additional benchmarks (in addition to the London Inter-Bank Offered Rate benchmark) beginning April 2015. These additional benchmarks are the Sterling Overnight Index Average (SONIA), the Repurchase Overnight Index Average (RONIA), ISDAFIX, WM/Reuters London 4 p.m. Closing Spot Rate, London Gold Fixing (soon to be replaced by the LBMA Gold Price), LBMA Silver Price and the ICE Brent Index. Among other things, FCA proposes that benchmark administrators will be required to put in place “credible” governance and oversight measures; maintain a “proper” audit trail to help identify potentially manipulative behavior; maintain sufficient financial resources to cover operating costs for six months plus a three-month buffer period; and appoint an individual, approved by FCA, to ensure the firm’s compliance with FCA’s requirements. Comments to the FCA’s proposals will be accepted through January 30, 2015.