Regulation (EU) 2016/1011 of the European Parliament and of the CouncilDangos y teitl llawn

Complaints U.K.

16. The administrator of a commodity benchmark shall have in place and publish a complaints handling policy setting out procedures for receiving, investigating and retaining records concerning complaints made about an administrator's calculation process. Such complaint mechanisms shall ensure that: U.K.

(a)

subscribers of the benchmark may submit complaints on whether a specific benchmark calculation is representative of market value, proposed benchmark calculation changes, applications of methodology in relation to a specific benchmark calculation and other editorial decisions in relation to the benchmark calculation processes;

(b)

there is in place a target timetable for the handling of complaints;

(c)

formal complaints made against the administrator and its personnel are investigated by that administrator in a timely and fair manner;

(d)

the inquiry is conducted independently of any personnel who may be involved in the subject of the complaint;

(e)

the administrator aims to complete its investigation promptly;

(f)

the administrator advises the complainant and any other relevant parties of the outcome of the investigation in writing and within a reasonable period;

(g)

there is recourse to an independent third party appointed by the administrator. if a complainant is dissatisfied with the way a complaint has been handled by the relevant administrator or the administrator's decision in the situation no later than six months from the time of the original complaint; and

(h)

all documents relating to a complaint, including those submitted by the complainant as well as an administrator's own record, are retained for a minimum of five years.

17. Disputes as to daily pricing determinations, which are not formal complaints, shall be resolved by the administrator of a commodity benchmark with reference to its appropriate standard procedures. If a complaint results in a change in price, the details of that change in price shall be communicated to the market as soon as possible. U.K.