(25)Part 2 of the FMC Act also sets out general ‘fair dealing’ obligations that apply to licensed benchmark administrators. Those obligations include prohibitions on misleading and deceptive conduct, false or misleading representations, and unsubstantiated representations. Those provisions allow the FMA to act against trade-based market manipulation of benchmarks (trades that have, or are likely to have, the effect of misleading the market) by market participants. Direction orders under Section 468 of the FMC Act are also available in respect of certain provisions of Part 2 of the FMC Act.