(15)According to Article 30(2) of Regulation (EU) 2016/1011, requirements in the third-country legal system are to be subject to effective supervision and enforcement on an on-going basis. Benchmark administrators licensed by the FMA are subject to ongoing supervision and oversight by the FMA. Section 9 of the Financial Markets Authority Act 2011 (‘FMA Act’) provides that the FMA is responsible for monitoring and enforcing compliance with the FMC Act and the FMC Regulations. The FMA conducts ongoing supervision and may specifically assess whether licensed benchmark administrators comply with their licensee obligations.