(19)Section 412 of the FMC Act requires market services licensees, which includes licensed benchmark administrators, to have in place effective methods for monitoring their own compliance with their licensee obligations and for identifying material changes in circumstances. A licensee that believes that it has contravened, or is likely to contravene, a market service licensee obligation in a material way, or believes that there has been, may have been, or is likely to be a material change of circumstances with respect to its licence, shall send a report to the FMA about such contraventions or material changes as soon as practicable.