1.

An administrator shall use a methodology for determining a benchmark that: is robust and reliable; has clear rules identifying how and when discretion may be exercised in the determination of that benchmark; is rigorous, continuous and capable of validation including, where appropriate, back-testing against available transaction data; is resilient and ensures that the benchmark can be calculated in the widest set of possible circumstances, without compromising its integrity; is traceable and verifiable.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.