(1) A responsible person shall ensure that it is able to demonstrate that a financial index in which assets of the UCITS are invested satisfies the following:
(a) an index should have a clear, single objective in order to represent an adequate benchmark for the market;
(b) the universe of the index components and the basis on which these components are selected for the strategy should be clear to investors and competent authorities;
(c) if cash management is included as part of the index strategy, the responsible person must be able to demonstrate that this cash management does not affect the objective nature of the index calculation methodology.
(2) If a financial index has been created and calculated on the request of a single market participant, or of a very limited number of market participants, and according to the specifications of that market participant, or those market participants, it shall not constitute an adequate benchmark of the market to which it refers.
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