Treasury has published further changes to the FS Bill to implement the conclusions of the Wheatley Review of LIBOR. The changes will:

  • introduce a definition of “benchmark”;
  • include a new section on regulated activities relating to the setting of benchmarks;
  • allow the Financial Conduct Authority (FCA) to make rules requiring participation in a benchmark; and
  • insert new clauses on offences of making misleading statements and impressions relating to benchmarks.

(Source: Treasury Publishes LIBOR Legislative Changes)