Clear organisation structure
9. Different organisational and ownership structures may influence an administrator's ability to provide benchmarks and to manage the risks inherent in this activity. Article 4(1) of the BMR requires ''well-defined, transparent and consistent roles and responsibilities for all persons involved in the provision of a benchmark''.
10. To this end, ESMA believes that benchmark administrators should establish, implement and maintain an organisational structure which in a clear and documented manner specifies decision-making procedures, reporting lines allocating unambiguously functions and responsibilities and ensuring accountability for all the decisions taken regarding the provision of benchmarks. These written procedures should focus primarily on the roles and responsibilities of the persons involved in the provision of the benchmark (including the management body as well as the internal and oversight functions) and include at least the following key componen
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