• Chapter 15 Chapter 15 Specified Benchmarks

    • The activities

      • 68. Specified Benchmarks

        (1) The following are specified kinds of activity —
        (a) Providing Information in Relation to a Specified Benchmark;
        (b) Administering a Specified Benchmark.
        (2) In this Chapter —
        (a) "Administering" a Specified Benchmark means —
        (i) administering the arrangements for determining a Specified Benchmark;
        (ii) collecting, analysing or processing information or expressions of opinion provided for the purpose of determining a Specified Benchmark;
        (iii) determining a Specified Benchmark through the application of a formula or other method of calculation to the information or expressions of opinion provided for that purpose;
        (b) "Providing Information" in relation to a Specified Benchmark means providing any information or expression of opinion that is —
        (i) provided to, or for the purpose of passing to, a person who has permission to carry on the activity specified in sub-paragraph (1)(b) in relation to that Specified Benchmark;
        (ii) required in connection with the determination of the Specified Benchmark; and
        (iii) provided for the purpose of determining the Specified Benchmark; and
        (c) "Specified Benchmark" means a benchmark specified in the Rules made by the Regulator.

    • Exclusion

      • 69. Publicly available factual data and subscription services

        A person does not carry on an activity of the kind specified by paragraph 68(1)(a) in relation to a Specified Benchmark where the information provided —

        (a) consists solely of factual data obtained from a publicly available source; or
        (b) is —
        (i) compiled by a subscription service for purposes other than in connection with the determination of a Specified Benchmark;
        (ii) provided to a person who has permission to carry on an activity of the kind specified by paragraph 68(1)(b) and who is a subscriber to the service; and
        (iii) provided to such a person only in that person's capacity as a subscriber.