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.