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In this act Article 4 of 6

Article 4 — Other conditions under which access is granted

Financial servicesLevel 2RTSMiFIRIn forceOfficial source

4(1)

1.A person with proprietary rights to a benchmark shall set the conditions for licensing agreements and make them available to CCPs and trading venues upon request free of charge. The conditions shall include the following:

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4(1)(a)
(a)the scope of use and content of information for each use under the licensing agreements, clearly identifying in each case confidential information;
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4(1)(b)
(b)the conditions for redistribution, if allowed, of information by CCPs and trading venues;
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4(1)(c)
(c)the technical requirements for the delivery of the service;
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4(1)(d)
(d)the fees and the conditions for paying them;
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4(1)(e)
(e)the conditions under which the agreement expires taking into consideration the lifespan of financial instruments that reference the benchmark;
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4(1)(f)
(f)the contingency circumstances and the relevant measures to regulate the continuation, transitional periods and interruption of the service during a contingency period, which:
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4(1)(f)(i)
(i)allow for termination in an orderly manner;
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4(1)(f)(ii)
(ii)ensure that termination is not triggered by minor breaches of the contract and that the relevant party is given a reasonable amount of time to remedy any breach that does not give rise to immediate termination;
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4(1)(g)
(g)the governing law and allocation of liabilities.
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4(2)

2.The licensing agreement shall require that CCPs, trading venues and persons with proprietary rights to a benchmark establish adequate policies, procedures and systems to ensure the following:

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4(2)(a)
(a)implementation of the service without undue delay according to a prearranged schedule;
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4(2)(b)
(b)keeping up to date all information provided by the parties throughout the duration of the access arrangement, including information that could have a reputational impact;
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4(2)(c)
(c)a communication channel between the parties that is timely, reliable and secure during the lifetime of the licence agreement;
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4(2)(d)
(d)consultation where any change to either entity's operations is likely to have a material impact on the licence agreement or on the risks to which the other entity is exposed and notification within a reasonable notice period before any change to either entity's operation is implemented;
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4(2)(e)
(e)the provision of information and the relevant instructions to transmit and use it through the technical means agreed;
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4(2)(f)
(f)the provision of up-to-date information to persons with proprietary rights to a benchmark regarding the redistribution, if allowed, of information to clearing members of CCPs and members or participants of trading venues;
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4(2)(g)
(g)resolution of disputes and termination of the agreement occurs in an orderly manner according to the identified circumstances.
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