Article 8
Record-keeping requirements
1. An administrator shall keep records of:
(a) |
all input data, including the use of such data; |
(b) |
the methodology used for the determination of a benchmark; |
(c) |
any exercise of judgement or discretion by the administrator and, where applicable, by assessors, in the determination of a benchmark, including the reasoning for said judgement or discretion; |
(d) |
the disregard of any input data, in particular where it conformed to the requirements of the benchmark methodology, and the rationale for such disregard; |
(e) |
other changes in or deviations from standard procedures and methodologies, including those made during periods of market stress or disruption; |
(f) |
the identities of the submitters and of the natural persons employed by the administrator for the determination of a benchmark; |
(g) |
all documents relating to any complaint, including those submitted by a complainant; and |
(h) |
telephone conversations or electronic communications between any person employed by the administrator and contributors or submitters in respect of a benchmark. |
2. An administrator shall keep the records set out in paragraph 1 for at least five years in such a form that it is possible to replicate and fully understand the determination of a benchmark and enable an audit or evaluation of input data, calculations, judgements and discretion. Records of telephone conversation or electronic communications recorded in accordance with point (h) of paragraph 1 shall be provided to the persons involved in the conversation or communication upon request and shall be kept for a period of three years.