Document ID: chunk:federal_register_of_legislation:F2022C00386:body:0:p3
Version: federal_register_of_legislation:F2022C00386
Segment Type: other
Provision Reference: 
Character Range: 6074–9299

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 the arrangements referred to in subrule (1) are:
(a)        reviewed, audited and tested periodically; and
(b)       appropriately updated after significant changes to the licensee's business of generating and administering financial benchmarks.

     2.1.3           Outsourcing
If a benchmark administrator licensee outsources any of the functions involved in generating or administering a financial benchmark to another person (the Service Provider), the licensee must:
(a)        ensure that the outsourcing arrangements are covered by a contract with the Service Provider that is in writing; and
(b)       have adequate arrangements to ensure that:
(i)         the licensee complies with its obligations under the Act (including under the conditions of the licensee's benchmark administrator licence, these Rules and the Regulations) in relation to the outsourced functions; and
(ii)       the Service Provider is complying with its obligations under the outsourcing arrangement; and
(c)        ensure that the outsourcing arrangement does not impair ASIC's ability to supervise the financial benchmark, including by ensuring:
(i)         the licensee is able to access the books, records and other information of the Service Provider which relate to the outsourced functions within a reasonable time; and
(ii)       that ASIC has the same access to all books, records and other information relating to the outsourced functions and maintained by the Service Provider, that ASIC would have had if not for the outsourcing arrangements.

     2.1.4           Conflicts of interest
(1) A benchmark administrator licensee must have adequate arrangements for the handling of conflicts of interest in relation to the generation and administration of each financial benchmark specified in the licensee's benchmark administrator licence, designed to ensure that conflicts of interest do not adversely affect the integrity, reliability or credibility of the financial benchmark.
(2) Without limiting subrule (1), the arrangements referred to in that subrule must address any conflicts of interest between the licensee's business in generating and administering financial benchmarks and each of the following:
(a)        a Relevant Person;
(b)       any related entity of a Relevant Person;
(c)        any Service Provider;
(d)       Contributors;
(e)        users of the financial benchmark;
(f)        other parts of the licensee's business;
(g)       the business of any related entity of the licensee.
(3) The licensee must ensure that the arrangements referred to in subrule (1) are:
(a)        reviewed, audited and tested periodically; and
(b)       appropriately updated after significant changes to the licensee's business of generating and administering financial benchmarks.

     2.1.5           Resources
A benchmark administrator licensee must at all times have sufficient human, technological and financial resources to ensure that the licensee is able, to