Document ID: chunk:federal_register_of_legislation:F2022C00386:body:0:p2
Version: federal_register_of_legislation:F2022C00386
Segment Type: other
Provision Reference: 
Character Range: 2929–6333

of affairs the financial benchmark is intended to represent, and includes, without limitation, representations based on measurement of transactions, instruments, currencies, prices, estimates, rates, indices, values, financial products, bank accepted bills or negotiable certificates of deposit, or other interests or goods (whether tangible or intangible).
Regulations means the Corporations Regulations 2001.
Relevant Persons means officers, managers, employees and representatives of the benchmark administrator licensee.
Rules means these rules.
Service Provider has the meaning given by Rule 2.1.3.

  Chapter 2:            Obligations on benchmark administrator licensees and Contributors

     Part 2.1         Governance, management and resources

     2.1.1           Guiding obligations
A benchmark administrator licensee must, in generating and administering each financial benchmark specified in the licensee's benchmark administrator licence:
(a)        act efficiently, honestly and fairly; and
(b)       to the extent that it is reasonably practicable to do so, generate and administer the financial benchmark in a way that:
(i)         is appropriate for the nature, complexity and intended use of the financial benchmark; and
(ii)       maintains the quality, integrity, availability, reliability and credibility of the financial benchmark; and
(iii)     does not adversely affect the integrity of any market connected with the financial benchmark.

     2.1.2           Governance
(1) A benchmark administrator licensee must have adequate arrangements for:
(a)        the governance and management of the licensee; and
(b)       the oversight and control of internal and external parties' role in the generation and administration of each financial benchmark specified in the licensee's benchmark administrator licence.
(2) Without limiting subrule (1), the arrangements referred to in that subrule must:
(a)        ensure the licensee remains responsible for all of the functions involved in generating or administering each financial benchmark specified in the licensee's benchmark administrator licence, including, without limitation:
(i)         the design of the financial benchmark; and
(ii)       the method for generating the financial benchmark; and
(iii)     the acceptance, retention and use of financial benchmark data for generating the financial benchmark; and
(iv)      generating the financial benchmark; and
(v)       making the financial benchmark available to users; and
(b)       be designed to ensure the licensee's compliance with the Act (including the conditions of the licensee's benchmark administrator licence, these Rules and the Regulations) in generating and administering each of the financial benchmarks specified in the licensee's benchmark administrator licence; and
(c)        provide for:
(i)         clearly defined processes for the making of decisions in the generation and administration of each of the financial benchmarks specified in the licensee's benchmark administrator licence; and
(ii)       clearly defined roles and responsibilities in, and accountability for, the governance and management of the licensee and the oversight and control of all of the functions involved in the generation and administration of each of the financial benchmarks specified in the licensee's benchmark administrator licence.
(3) A licensee must ensure that