Conditions to ensure that the benchmark methodology has clear rules identifying how and when discretion may be exercised in the determination of the benchmark
Article 2
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).