Misleading statements etc in relation to benchmarks
Misleading statements etc in relation to benchmarks

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • Misleading statements etc in relation to benchmarks
  • Elements of the offence of misleading statements in relation to benchmarks
  • Jurisdiction
  • Statutory defences to offence of misleading statements etc in relation to benchmarks
  • Price Stabilisation
  • Control of information rules
  • Penalties and sentencing for the offence of misleading statements etc in relation to benchmarks

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for corporate crime?

Elements of the offence of misleading statements in relation to benchmarks

The Financial Services Act 2012 (FSA 2012) introduces an offence in respect of misleading statements and impressions in relation to benchmarks. Under FSA 2012, s 91(1) a person who makes to another person a false or misleading statement commits an offence if:

  1. he or she makes the statement in the course of arrangements for the setting of a relevant benchmark

  2. he or she intends that the statement should be used by another for the purposes of the setting of a relevant benchmark, and

  3. he or she knows that the statement is false or misleading or is reckless as to whether it is

In addition, under FSA 2012, s 91(2), a person who does any act or engages in any course of conduct which creates a false or misleading impression as

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