s 123P General obligations
123P.—(1) Every authorised benchmark administrator and exempt benchmark administrator must, for every designated benchmark in respect of which it carries on a business of administering a designated benchmark —(a) manage any risks associated with its business and operations prudently; (b) ensure that the systems and controls concerning its performing the activity of administering a designated benchmark are adequate and appropriate for the scale and nature of its operations; (c) have sufficient financial, human and system resources —(i) to carry on a business of administering a designated benchmark; and (ii) to meet contingencies or disasters; (d) maintain governance arrangements that are adequate for the designated benchmark to be determined in a fair and efficient manner; and (e) ensure that it appoints or employs fit and proper persons as its chairperson, chief executive officer, directors and key management officers.[4/2017] (2) In subsection (1)(c), “contingencies or disasters” includes technical disruptions occurring within automated systems.[4/2017]