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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2021-01-01.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

Article 2 Ensuring appropriate and verifiable input data

  1. (1)

    The administrator of a benchmark shall ensure that it has available to it all information necessary to enable it to check the following matters in relation to any input data that it uses for the benchmark, insofar as these matters are applicable to the input data in question:

    1. (a)

      whether the submitter is authorised to contribute the input data on behalf of the contributor in accordance with any requirement for authorisation under Article 15(2)(b) of Regulation (EU) 2016/1011;

    2. (b)

      whether the input data is provided by the contributor, or selected from a source specified by the administrator, within the time-period prescribed by the administrator;

    3. (c)

      whether the input data is provided by the contributor in a format specified by the administrator;

    4. (d)

      whether the source of the input data is one of the sources listed Article 3(1)(24) of Regulation (EU) 2016/1011;

    5. (e)

      whether the source of the input data is reliable;

    6. (f)

      whether the input data meets the requirements set out in the methodology of the benchmark, in particular the requirements on the currency or unit of measurement, the tenor, and the types of counterparties;

    7. (g)

      whether any relevant thresholds for the quantity of the input data and any relevant standards for the quality of the input data are met in accordance with the methodology;

    8. (h)

      whether the priority of use of different types of input data is applied in accordance with the methodology;

    9. (i)

      whether any discretion or judgement exercised in contributing the input data is exercised in accordance with the clear rules set out in the methodology and with the policies required to be established by the code of conduct for the benchmark.

  2. (2)

    Administrators shall conduct the checks listed in paragraph 1 on a regular basis. Administrators of critical benchmarks shall conduct the checks listed in points (a), (b), (c) and (d) of paragraph 1 prior to any publication of the benchmark or any instance when the benchmark is made available to the public.