IOSCO Urges Implementation Of Principles For Financial Benchmarks

The International Organization of Securities Commissions published today a public communique entitled Implementation of the Principles for Financial Benchmarks, in which it encourages administrators to take all the necessary measures to comply with the IOSCO Principles for Financial Benchmarks.

In the communique, IOSCO also requests that administrators publically disclose every year the extent of their compliance with the Principles for Financial Benchmarks, which were issued on 17 July.

The communique says: IOSCO believes these Principles provide a solid framework to ensure the quality, integrity, continuity and reliability of Benchmarks, and therefore encourages Administrators to take all the necessary measures to comply with them and provide the public disclosure set out above.

The report published with the Principles set out a 12 month period for benchmark administrators to implement the Principles. In the communique, IOSCO reminds benchmark administrators of the importance of implementing the Principles within the given timeframe.