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) (c. 1011)

ANNEX II U.K. COMMODITY BENCHMARKS

Audit trails U.K.

10. The administrator of a commodity benchmark shall have rules and procedures in place to document contemporaneously relevant information, including: U.K.

(a)

all input data;

(b)

the judgements that are made by assessors in reaching each benchmark calculation;

(c)

whether a calculation excluded a particular transaction which otherwise conformed to the requirements of the relevant methodology for that calculation, and the rationale for doing so;

(d)

the identity of each assessor and of any other person who submitted or otherwise generated any of the information in points (a), (b) or (c).

11. The administrator of a commodity benchmark shall have rules and procedures in place to ensure that an audit trail of relevant information is retained for at least five years in order to document the construction of its calculations. U.K.