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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.

Article 3 Details of the internal review and approval of the methodology

  1. (1)

    The information to be provided by an administrator of a benchmark or, where applicable, a family of benchmarks in compliance with the requirement laid down in Article 13(1)(b) of Regulation (EU) 2016/1011 shall include at least the following:

    1. (a)

      the policies and procedures relating to the internal review and approval of the methodology;

    2. (b)

      details of any specific events that may give rise to an internal review, including details of any mechanism used by the administrator to determine whether the methodology is traceable and verifiable;

    3. (c)

      the bodies or functions within the administrator's organisational structure that are involved in reviewing and approving the methodology;

    4. (d)

      the roles performed by any persons involved in reviewing or approving the methodology;

    5. (e)

      a description of the procedure for nominating and removing persons involved in reviewing or approving the methodology.

  2. (2)

    Administrators may opt to publish or make available the information referred to in points (d) and (e) of paragraph 1 for their critical benchmarks only.