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Commission Delegated Regulation (EU) 2018/1639Show full title
Commission Delegated Regulation (EU) 2018/1639 of 13 July 2018 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to regulatory technical standards specifying further the elements of the code of conduct to be developed by administrators of benchmarks that are based on input data from contributors (Text with EEA relevance)
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Commission Delegated Regulation (EU) 2018/1639, Article 8 is up to date with all changes known to be in force on or before 12 August 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2018 No. 1639 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
Article 8U.K.Conflicts of interest
1.The code of conduct shall require a contributor to establish systems and controls concerning the management of conflicts of interest that include at least the following elements:
(a)establishment of a conflicts of interest policy that addresses:
(i)
the process for identifying and managing conflicts of interest, including any internal escalation of conflicts of interest;
(ii)
steps to prevent, or minimise the risk of, conflicts of interest in the process for recruiting submitters;
(iii)
steps to prevent, or minimise the risk of, conflicts of interest in the remuneration policies for the contributor's staff;
(iv)
steps to prevent, or minimise the risk of, conflicts of interest arising from the contributor's management structure;
(v)
requirements with respect to communications between submitters and other staff within the contributor's organisation;
(vi)
any physical or organisational separation between submitters and other staff of the contributor required to prevent, or minimise the risk of, conflicts of interest;
(vii)
rules and measures to address any financial exposure that the contributor may have to a financial instrument or financial contract which references the benchmark to which the contributor contributes input data;
(b)establishment of a register of conflicts of interest to be used to record any conflicts of interest identified and any measures taken to manage them, together with requirements to keep the register up-to-date and to provide internal or external auditors with access to it.
2.The code of conduct shall require that members of a contributor's staff who are involved in the contribution process be trained in all policies, procedures and controls relating to the identification, prevention and management of conflicts of interest.
3.The administrator may choose to omit one or more of the requirements in points (iii), (v), (vi) and (vii) of paragraph 1(a) in the case of a contributor contributing input data to a non-significant benchmark.
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