Risk Free Interest Rate Coding
The Risk Free Interest Rate Coding and supporting documentation (hereinafter "RFR Coding") is available for download under this website: https://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures.
The Release Package of the RFR Coding, zip file "RFR_Coding_files_2016_02_05" includes:
- "Risk-Free Interest Rate term Structures_Coding_v1"
- "User's Manual RFR process_v1"
- Zip file "EIOPA_RFR_Coding_2016_02_05" which include the source codes of the release-RFR Coding (see list of files included in the ANNEX in pdf)
- Zip file "UPDATED MATLAB FUNCTIONS_RFR_CODING_2016_02_05"
By downloading the RFR Coding, You agree with the following terms and conditions of this License Agreement (hereinafter "the Agreement"). Any use of the RFR Coding, other than as authorized under this Agreement is prohibited.
1. Copyright ownership
2. Scope of the rights granted by EIOPA
EIOPA hereby grants You a world-wide, royalty-free, non-exclusive, sublicensable, non-assignable right of use on the RFR Coding in the context of the following activities (hereinafter "the License"):
- Use the RFR Coding;
- Reproduce the RFR Coding;
- Create derivative works, based upon the RFR Coding or modifications thereof (hereinafter "Derivative Works"), subject to the limitations of Section 5;
- Communicate and distribute the RFR Coding to the public.
Those rights can be exercised on any media, supports and formats, whether now known or later invented, as far as the applicable law permits so.
Abovementioned rights can be exercised for commercial and non-commercial purposes provided that EIOPA is mentioned as the owner of the copyright on the RFR Coding and that the RFR Coding is available for download, free of charge, on the following website:
https://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures, or whichever website EIOPA is then using to make the download of the RFR Coding possible.
The RFR Coding may contain third party pre-existing works, which are protected by intellectual property rights or similar rights such as tradenames, and may be subject to other terms and conditions. Any reproduction, modification, communication or distribution of these pre-existing works, shall be subject to the authorization of the owner of those third party pre-existing works which must be obtained by You.
The Agreement shall enter into effect on the date of downloading the RFR Coding.
The License is granted for the time period during which copyrights are afforded legal protection under the law applicable to the Agreement.
4. License fees
The License on the RFR Coding is granted free of charge.
5. Obligations of the Licensee
The License mentioned in Section 2 is subject to some restrictions and obligations imposed on You. Those obligations are the following:
Attribution right: You must keep intact all copyright, patent or trademarks notices and all notices that refer to the License and to the disclaimer of warranties and liabilities. You must include a copy of such notices and a copy of the License with every copy of the RFR Coding or each Derivative Work that is created. You must cause any Derivative Work to carry prominent notices stating that the RFR Coding has been modified and the date of modification.
License Back of the Derivative Work: You hereby agree to grant EIOPA a world-wide, royalty-free, exclusive and sub-licenseable right of use on all the intellectual property rights vested in each Derivative Work created by You (hereinafter "License Back"). The grant of the License Back on these future Derivative Works shall occur automatically at their respective moment of creation and includes a right to do the following, for the duration of copyright vested in the Derivative Work:
- Use the Derivative Work in any circumstance and for all usage,
- Reproduce the Derivative Work,
- Modify the Derivative Work, and make Derivative Works based upon the Derivative Work,
- Communicate to the public, including the right to make available or display the Derivative Work or copies thereof to the public and perform publicly, as the case may be, the Derivative Work,
- Distribute the Derivative Work or copies thereof,
- Lend and rent the Derivative Work or copies thereof,
- Sub-license rights in the Derivative Work or copies thereof.
At the latest within one month after the moment of creation, You shall deliver a machine-readable copy of the source code of the Derivative Work and all relevant documentation to EIOPA, meeting the highest professional standards and everything that is necessary or useful in order for EIOPA to understand, use and modify the Derivative Work.
At the moment of the grant of the License Back, EIOPA shall grant a limited right of use on the Derivative Work back to You under the terms and conditions of this License.]
Information right: You shall inform EIOPA on the creation of Derivative Works and shall retain a structured and up-to-date register which includes all Derivative Works created by You, as well as their respective source code and documentation. EIOPA retains the right to request additional information, gain access to all information regarding the Derivative Works created by You and verify Your compliance with this Agreement.
6. Disclaimer of Warranty
The RFR Coding is provided under the License on an "as is" basis and without warranties of any kind, including without limitation merchantability, fitness for a particular purpose, absence of defects or errors, accuracy, non-infringement of intellectual property rights.
This disclaimer of warranty is an essential part of the License and a condition for the grant of any rights to the RFR Coding.
7. Disclaimer of Liability
The RFR Coding is a work in progress, and may therefore contain defects or "bugs" inherent to this type of source code development.
In no event shall EIOPA be liable for any special, direct, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in contract or in tort, arising out of or in connection with the use or performance of the RFR Coding, including without limitation, damages for loss of goodwill, work stoppage, computer failure or malfunction, loss of data or any commercial damage, even if EIOPA has been advised of the possibility of such damage.
The entire risk as to the quality and performance of the RFR Coding is with You, the end-user. In the event that the RFR Coding proves to be defective, You assume the cost of all necessary servicing, repair or correction.
In any event, the total aggregate liability of EIOPA for all claims arising out of or being the cause of any action(s) under or in connection with this License shall not exceed the amount of 5.000,00 €.
In no event shall EIOPA be liable for any damages arising from the unauthorized reproduction, modification, communication or distribution of third party pre-existing works within the RFR Coding.
8. Maintenance and support
EIOPA does not provide any maintenance or support on the RFR Coding.
However, in light of the continuous improvement of the RFR Coding, EIOPA can – but is under no obligation to - make available new releases, upgrades or new versions of the RFR Coding on the following website: https://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures
9. Acceptance of the License
The provisions of this License can be accepted by clicking on an icon "I agree" placed under the bottom of a window displaying the text of this License or by affirming consent in any other similar way, in accordance with the rules of applicable law. Clicking on that icon indicates your clear and irrevocable acceptance of this License and all of its terms and conditions.
Similarly, you irrevocably accept this License and all of its terms and conditions by downloading the RFR Coding or by exercising any rights granted to You by Article 2 of this License, such as the use of the RFR Coding or the creation by You of a Derivative Work.
10. Termination of the License
The Agreement and License granted hereunder will terminate automatically upon any breach of these terms and conditions by You.
In the event of termination of the present Agreement due to default on Your part, You must immediately:
- cease all use of the RFR Coding;
- return or destroy at his own expense the originals and all copies of the RFR Coding;
- certify to EIOPA, by registered letter, that he has complied with the above-mentioned obligations within thirty (30) calendar days.
This Agreement represents the complete agreement between You and EIOPA as to the RFR Coding licensed hereunder.
If any provision of the License is invalid or unenforceable under applicable law, this will not affect the validity or enforceability of the License as a whole. Such provision will be construed and/or reformed so as necessary to make it valid and enforceable.
Both You and EIOPA explicitly agree that any the term of the present Agreement by nature intended to survive termination, shall survive the termination for whichever reason of the Agreement.
EIOPA reserves the right to modify this Agreement from time to time. In such event the new version of the terms and conditions of this Agreement as published on the following website: https://eiopa.europa.eu/regulation-supervision/insurance/solvency-ii-technical-information/risk-free-interest-rate-term-structures], shall apply to this Agreement.
12. Applicable Law & jurisdiction
This License shall be governed by the law of the European Union, complemented, where necessary, by German law.
Any litigation arising between You and EIOPA, and resulting from the interpretation of this License, will be subject to the exclusive jurisdiction of the courts of Frankfurt am Main, Germany.