Document ID: chunk:federal_register_of_legislation:F2022C00386:body:0:p7
Version: federal_register_of_legislation:F2022C00386
Segment Type: other
Provision Reference: 
Character Range: 17601–20907

in a way that maintains the quality, integrity, availability, reliability and credibility of the financial benchmark, including legal, operational and business risks.

     2.3.2           Business continuity
     A benchmark administrator licensee must have business continuity, backup and data recovery plans designed to:
(a)        address events that pose a significant risk of disruption to the availability or integrity of each financial benchmark specified in the licensee's benchmark administrator licence;
(b)       in the event of any disruption to the availability or integrity of the financial benchmark specified in the licensee's benchmark administrator licence, enable the timely restoration of the availability and integrity of the financial benchmark.

     Part 2.4         Cessation of a financial benchmark

     2.4.1           Transition arrangements
(1) Where a benchmark administrator licensee intends to cease generating or administering a financial benchmark, the licensee must, subject to the requirements of any notice given to the licensee under the ASIC Financial Benchmark (Compelled) Rules 2018:
(a)        establish, document and implement adequate arrangements for ensuring, as applicable:
(i)         the orderly transition of the financial benchmark to another benchmark administrator licensee; or
(ii)       orderly cessation of the generation and administration of the financial benchmark;
(b)       notify ASIC:
(i)         that the licensee intends to cease generating or administering the financial benchmark, as soon as reasonably practicable;
(ii)       of the arrangements referred to in paragraph (a), at least 4 weeks before ceasing to generate or administer the financial benchmark; and
(iii)     of any changes to the arrangements referred to in paragraph (a) following the notification in subparagraph (ii), as soon as reasonably practicable after making those changes.
(2) Without limiting paragraph (1)(a), the arrangements referred to in that paragraph must take into account whether the financial products or other contracts that reference or otherwise use the financial benchmarks can be amended to reference or otherwise use another financial benchmark before the proposed cessation date.
Note: A licensee whose licence specifies a significant financial benchmark must also comply with the rules contained in the ASIC Financial Benchmark (Compelled) Rules 2017 including any notice given under those Rules.

  Part 2.5         Benchmark administrator licensee's guidelines for Contributors

     2.5.1           Requirement to have written guidelines
(1) A benchmark administrator licensee must have written guidelines governing the obligations of Contributors in connection with the licensee's generation or administration of each financial benchmark specified in the licensee's benchmark administrator licence.
(2) Without limiting subrule (1), the guidelines referred to in that subrule must deal with:
(a)        the provision of financial benchmark data to the licensee for use in generating the financial benchmark, including:
(i)         the financial benchmark data to be provided;
(ii)       the form and manner in which the financial benchmark data is to be provided; and
(iii)     where applicable, the persons who are authorised to provide