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Article 1 – Conditions to ensure that the benchmark methodology is robust and reliable ⬅️ | ➡️ Article 3 – Conditions to ensure that the benchmark methodology is rigorous, continuous and capable of validation including, where appropriate, back-testing against available transaction data
Article 2 - Conditions to ensure that the benchmark methodology has clear rules identifying how and when discretion may be exercised in the determination of the benchmark
A benchmark methodology as referred to in Article 12(1), point (b), of Regulation (EU) 2016/1011 shall specify all of the following:
(a)
the step of the calculation of the benchmark at which discretion is performed;
(b)
the criteria that are to be used when exercising the discretion;
(c)
the input data that are to be taken into account;
(d)
where applicable, a non-exhaustive list of the conditions under which:
(i)
transaction data in the underlying market are to be considered as not sufficient and the use of transaction data in related markets is needed;
(ii)
applying the methodology does not yield a result and discretion has to be exercised in the determination of the benchmark;
(e)
the type of related markets that are to be considered appropriate for the purposes of point (d)(i).