# Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance), Article 7: Accountability framework requirements

Extent: E+W+S+N.I.

1. An administrator shall have in place an accountability framework, covering record-keeping, auditing and review, and a complaints process, that provides evidence of compliance with the requirements of this Regulation.
2. An administrator shall designate an internal function with the necessary capability to review and report on the administrator's compliance with the benchmark methodology and this Regulation.
3. For critical benchmarks, an administrator shall appoint an independent external auditor to review and report on the administrator's compliance with the benchmark methodology and this Regulation, at least annually.
4. Upon the request of the FCA, an administrator shall provide to the FCA the details of the reviews and reports provided for in paragraph 2. Upon the request of the FCA or any user of a benchmark, an administrator shall publish the details of the audits provided for in paragraph 3.

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Source: https://www.legislation.gov.uk/eur/2016/1011/article/7 (the official version)
Page: https://openlegislation.uk/eu-regulation-2016-1011/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.