3.

The oversight function shall operate with integrity and shall have the following responsibilities, which shall be adjusted by the administrator based on the complexity, use and vulnerability of the benchmark: reviewing the benchmark's definition and methodology at least annually; overseeing any changes to the benchmark methodology and being able to request the administrator to consult on such changes; overseeing the administrator's control framework, the management and operation of the benchmark, and, where the benchmark is based on input data from contributors, the code of conduct referred to in Article 15; reviewing and approving procedures for cessation of the benchmark, including any consultation about a cessation; overseeing any third party involved in the provision of the benchmark, including calculation or dissemination agents; assessing internal and external audits or reviews, and monitoring the implementation of identified remedial actions; where the benchmark is based on input data from contributors, monitoring the input data and contributors and the actions of the administrator in challenging or validating contributions of input data; where the benchmark is based on input data from contributors, taking effective measures in respect of any breaches of the code of conduct referred to in Article 15; and reporting to the relevant competent authorities any misconduct by contributors, where the benchmark is based on input data from contributors, or administrators, of which the oversight function becomes aware, and any anomalous or suspicious input data.

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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.