(6)The legislative framework for establishing, supervising and administering benchmarks in New Zealand comprises an opt-in licensing scheme and confers powers on the FMA to supervise administrators of financial benchmarks (‘benchmark administrators’). Benchmark administrators may apply for a market services licence from the FMA in accordance with Section 390 of the Financial Markets Conduct Act 2013 (‘FMC Act’) and are thereby subject to the rules for administrators and contributors as set out in that Act.