Section 1 (1) definitions of "designated commodity benchmark", "front office" and "front office employee" were added by BC Reg 211/2023, effective September 27, 2023.
Section 1 (1) definition of "subject requirements", paragraph (f) was added by BC Reg 211/2023, effective September 27, 2023.
Section 6 (3) (a) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(a) monitor and assess compliance by the designated benchmark administrator and its DBA individuals with the accountability framework referred to in section 5, the control framework referred to in section 8 and securities legislation relating to benchmarks;
Section 6 (3) (a) (i) and (ii) were added by BC Reg 211/2023, effective September 27, 2023.
Section 6 (3) (b) (ii) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(ii) compliance by the designated benchmark administrator and its DBA individuals with the accountability framework referred to in section 5, the control framework referred to in section 8 and securities legislation relating to benchmarks, and
Section 6 (3) (b) (ii.1) was added by BC Reg 211/2023, effective September 27, 2023.
Section 15 (4) (part) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(4) If input data is contributed from any front office of a benchmark contributor, or of an affiliated entity of a benchmark contributor, that performs any activities that relate to or might affect the input data, the designated benchmark administrator must
Section 15 (5) BEFORE repealed by BC Reg 211/2023, effective September 27, 2023.
(5) In this section, "front office" means any department, division or other internal grouping of a benchmark contributor, or any employee or agent of a benchmark contributor, that performs any pricing, trading, sales, marketing, advertising, solicitation, structuring or brokerage activities on behalf of the benchmark contributor.
Section 39 (3) (e) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(e) that there are conflict of interest identification and management procedures and communication controls, both within the benchmark contributor's organization and among benchmark contributors and other third parties, reasonably designed to avoid any external influence over those responsible for contributing input data, if a reasonable person would consider that the external influence might adversely affect the accuracy, reliability or completeness of the input data;