123P. General obligations
Feedback & supportLast amended by an amending law of 2017.
Every authorised benchmark administrator and exempt benchmark administrator must, for every designated benchmark in respect of which it carries on a business of administering a designated benchmark —
manage any risks associated with its business and operations prudently;
ensure that the systems and controls concerning its performing the activity of administering a designated benchmark are adequate and appropriate for the scale and nature of its operations;
have sufficient financial, human and system resources —
to carry on a business of administering a designated benchmark; and
to meet contingencies or disasters;
maintain governance arrangements that are adequate for the designated benchmark to be determined in a fair and efficient manner; and
ensure that it appoints or employs fit and proper persons as its chairperson, chief executive officer, directors and key management officers.
In subsection (1)(c), “contingencies or disasters” includes technical disruptions occurring within automated systems.