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Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)
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Regulation (EU) 2016/1011 of the European Parliament and of the Council, Contributor systems and controls is up to date with all changes known to be in force on or before 16 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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an outline of responsibilities within each firm, including internal reporting lines and accountability, including the location of submitters and managers and the names of relevant individuals and alternates;
internal procedures for sign-off of contributions of input data;
disciplinary procedures in respect of attempts to manipulate, or any failure to report, actual or attempted manipulation by parties external to the contribution process;
effective conflicts of interest management procedures and communication controls, both within contributors and between contributors and other third parties, to avoid any inappropriate external influence over those responsible for submitting rates. Submitters shall work in locations physically separated from interest rate derivatives traders;
effective procedures to prevent or control the exchange of information between persons engaged in activities involving a risk of conflict of interest where the exchange of that information may affect the benchmark data contributed;
rules to avoid collusion among contributors, and between contributors and the benchmark administrators;
measures to prevent, or limit, any person from exercising inappropriate influence over the way in which persons involved in the provision of input data carries out those activities;
the removal of any direct link between the remuneration of employees involved in the provision of input data and the remuneration of, or revenues generated by, persons engaged in another activity, where a conflict of interest may arise in relation to those activities;
controls to identify any reverse transaction subsequent to the provision of input data.
all relevant aspects of contributions of input data;
the process governing input data determination and the sign-off of input data;
the names of submitters and their responsibilities;
any communications between the submitters and other persons, including internal and external traders and brokers, in relation to the determination or contribution of input data;
any interaction of submitters with the administrator or any calculation agent;
any queries regarding the input data and their outcome of those queries;
sensitivity reports for interest rate swap trading books and any other derivative trading book with a significant exposure to interest rate fixings in respect of input data.
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