IOSCO Compliance

Request CRSP Market Indexes Management Statement of Adherence with the IOSCO Principles for Financial Benchmarks Documentation

IOSCO Compliance

Disclaimer:

We understand that Ernst & Young LLP (“EY”) was engaged by Center for Research in Security Prices, LLC (“CRSP” or “Client”) to perform an examination for Client in accordance with the attestation standards established by the American Institute of Certified Public Accountants and the International Auditing and Assurance Standards Board (“IAASB”) (the “Services”). We have requested that Client deliver to us a copy of the report (including any portion, abstract and/or summary thereof, the “Report”) prepared by EY in connection with the Services.

This Report is intended solely for the information and use of CRSP, user entities and prospective user entities of CRSP’s benchmarks, entities providing services to such user entities, industry associations, and regulators who have sufficient knowledge and understanding of the following;

  • The nature of the service provided by CRSP;
  • Internal controls and limitations;
  • The IOSCO Principles
  • The risks that may threaten the adherence to the IOSCO Principles and how controls address those risks.

EY has made no representation or warranty to us as to the sufficiency of the Services, or otherwise with respect to the Report. Had EY been engaged to perform additional services or procedures, other matters might have come to EY’s attention that would have been addressed in the Report.

The Services did not constitute (1) an audit, review or examination of financial statements in accordance with generally accepted auditing standards of the American Institute of Certified Public Accountants or the standards of the Public Company Accounting Oversight Board, (2) an examination of prospective financial statements in accordance with applicable professional standards, or (3) a review to detect fraud or illegal acts. The Services did not include any procedures to test compliance with the laws or regulations of any jurisdiction.

We further acknowledge and agree that we do not acquire any rights against EY, any other member firm of the global Ernst & Young network, or any of their respective affiliates, partners, agents, representatives or employees (collectively, the “EY Firm”), and EY assumes no duty or liability to us, in connection with the Services or the Report. We may not rely on the Report and we will not contend that any provisions of United States or state securities laws could invalidate or avoid any provision of this letter.

In addition, except where compelled by legal process (of which we shall promptly inform EY and tender to EY, if EY so elects, the defense thereof), we will not disclose, orally or in writing, any Report, or make any reference to EY in connection therewith, in any public document or to any third party.

We (for ourselves and our successors and assigns) hereby release each of the EY Parties from any and all claims or causes of action that we have, or hereafter may or shall have, against them in connection with the Report, our access to the Report, or EY’s performance of the Services.  We will not contend that any provisions of the United States or state securities laws could invalidate or avoid any provision of this letter.

To the fullest extent permitted by applicable law, we shall indemnify, defend and hold harmless the EY Parties from and against all claims, liabilities, losses and expenses suffered or incurred by any of them arising out of or in connection with (1) any breach of this letter by us or our representatives; and/or (2) any use or disclosure of, or reliance on, the Report or any portion thereof to or by any other party that obtains access to the Report, directly or indirectly, from or through us or at our request.

This letter shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and fully to be performed therein by residents thereof.

User Agreement:

In order to access the Report, you must accept the following terms and conditions listed above by clicking "I ACCEPT". Once you click "I ACCEPT" your acceptance is final. To cancel, or if you do not agree to the following terms and conditions, click "CANCEL."

By clicking on the "I ACCEPT" button below, you agree, on behalf of yourself and the entity obtaining access to the Report hereunder (the "Recipient"), to be bound by all of the above covenants, understandings, terms and conditions. Such acceptance and agreement shall be deemed to be as effective as a written signature by you, the recipient of the Report (also referred to herein as, the Recipient), and this agreement shall be deemed to satisfy any writing.

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