Part 2: Benchmarks Section 18: Critical benchmarks provided in different currencies etc.
This section introduces new Article 23G and new paragraph 2A under Article 49 of the BMR.
	Article 23G clarifies how the FCA may apply certain powers to a version of a critical benchmark that is provided in different currencies or for different maturities or tenors, known as ‘umbrella benchmarks.’ Article 23G(2) defines what constitutes a ‘version’ of an umbrella benchmark.
	Paragraph 3 sets out the relevant provisions of the BMR that apply in relation to the umbrella benchmark. The relevant provisions are to apply as if each version of the benchmark were a separate critical benchmark and intended to measure the market or economic reality defined in the benchmark statement for the umbrella benchmark (or its versions), subject to the modifications set out in paragraph 4.
	Paragraph 6 further clarifies that the FCA may exercise certain powers as specified in this paragraph in different ways in relation to different versions of the umbrella benchmark.
	Paragraph 8 provides HM Treasury with the power to make further regulations about the operation of the BMR in relation to umbrella benchmarks including provision amending or revoking provisions of Article 23G. New paragraph 2A is inserted into Article 49 of the BMR to make consequential changes reflecting HM Treasury’s power to make regulations under Article 23G(8).