Article 9 Article 19(1)(g) of Directive 85/611/EECFinancial indices

they are sufficiently diversified, in that the following criteria are fulfilled:

1. (i)

   the index is composed in such a way that price movements or trading activities regarding one component do not unduly influence the performance of the whole index;

2. (ii)

   where the index is composed of assets referred to in Article 19(1) of Directive 85/611/EEC, its composition is at least diversified in accordance with Article 22a of that Directive;

3. (iii)

   where the index is composed of assets other than those referred to in Article 19(1) of Directive 85/611/EEC, it is diversified in a way which is equivalent to that provided for in Article 22a of that Directive;

they represent an adequate benchmark for the market to which they refer, in that the following criteria are fulfilled:

1. (i)

   the index measures the performance of a representative group of underlyings in a relevant and appropriate way;

2. (ii)

   the index is revised or rebalanced periodically to ensure that it continues to reflect the markets to which it refers following criteria which are publicly available;

3. (iii)

   the underlyings are sufficiently liquid, which allows users to replicate the index, if necessary;

they are published in an appropriate manner, in that the following criteria are fulfilled:

1. (i)

   their publication process relies on sound procedures to collect prices and to calculate and to subsequently publish the index value, including pricing procedures for components where a market price is not available;

2. (ii)

   material information on matters such as index calculation, rebalancing methodologies, index changes or any operational difficulties in providing timely or accurate information is provided on a wide and timely basis.