1. A person with proprietary rights to a benchmark shall set the conditions for licensing agreements and make them available to CCPs and trading venues upon request free of charge. The conditions shall include the following:
the scope of use and content of information for each use under the licensing agreements, clearly identifying in each case confidential information;
the conditions for redistribution, if allowed, of information by CCPs and trading venues;
the technical requirements for the delivery of the service;
the fees and the conditions for paying them;
the conditions under which the agreement expires taking into consideration the lifespan of financial instruments that reference the benchmark;
the contingency circumstances and the relevant measures to regulate the continuation, transitional periods and interruption of the service during a contingency period, which:(i)allow for termination in an orderly manner;(ii)ensure that termination is not triggered by minor breaches of the contract and that the relevant party is given a reasonable amount of time to remedy any breach that does not give rise to immediate termination;
allow for termination in an orderly manner;
ensure that termination is not triggered by minor breaches of the contract and that the relevant party is given a reasonable amount of time to remedy any breach that does not give rise to immediate termination;
the governing law and allocation of liabilities.
2. The licensing agreement shall require that CCPs, trading venues and persons with proprietary rights to a benchmark establish adequate policies, procedures and systems to ensure the following:
implementation of the service without undue delay according to a prearranged schedule;
keeping up to date all information provided by the parties throughout the duration of the access arrangement, including information that could have a reputational impact;
a communication channel between the parties that is timely, reliable and secure during the lifetime of the licence agreement;
consultation where any change to either entity's operations is likely to have a material impact on the licence agreement or on the risks to which the other entity is exposed and notification within a reasonable notice period before any change to either entity's operation is implemented;
the provision of information and the relevant instructions to transmit and use it through the technical means agreed;
the provision of up-to-date information to persons with proprietary rights to a benchmark regarding the redistribution, if allowed, of information to clearing members of CCPs and members or participants of trading venues;
resolution of disputes and termination of the agreement occurs in an orderly manner according to the identified circumstances.