Article 4
Other conditions under which access is granted
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:
(a) |
the scope of use and content of information for each use under the licensing agreements, clearly identifying in each case confidential information; |
(b) |
the conditions for redistribution, if allowed, of information by CCPs and trading venues; |
(c) |
the technical requirements for the delivery of the service; |
(d) |
the fees and the conditions for paying them; |
(e) |
the conditions under which the agreement expires taking into consideration the lifespan of financial instruments that reference the benchmark; |
(f) |
the contingency circumstances and the relevant measures to regulate the continuation, transitional periods and interruption of the service during a contingency period, which:
|
(g) |
the governing law and allocation of liabilities. |
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:
(a) |
implementation of the service without undue delay according to a prearranged schedule; |
(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; |
(c) |
a communication channel between the parties that is timely, reliable and secure during the lifetime of the licence agreement; |
(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; |
(e) |
the provision of information and the relevant instructions to transmit and use it through the technical means agreed; |
(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; |
(g) |
resolution of disputes and termination of the agreement occurs in an orderly manner according to the identified circumstances. |