IOSCO has published its second review of the implementation of IOSCO’s Principles for Financial Benchmarks by the administrators of EURIBOR, LIBOR and TIBOR. It provides an overview of findings in relation to recommendations from IOSCO’s first review in 2014, background to the review, details of how the review was conducted, as well as more detailed findings in respect of each individual administrator. The review found all three administrators to have been proactively engaged in addressing the issues raised by the 2014 review. In regard to the Principles related to governance, transparency and accountability, the review found that a majority of the recommendations made by the 2014 review had been implemented. Areas requiring further work included ensuring that conflict of interest policies were applicable to all relevant individuals and publishing sufficient information around the functioning of the oversight committee, or equivalent body. The review acknowledged that due to ongoing work to implement recommendations on the quality of benchmark design, it is not yet possible to review the final outcome. IOSCO does not recommend a follow-up review but instead leaves it to relevant national authorities to monitor the progress made by the relevant benchmark administrators in implementing  the recommendations. (Source: IOSCO reviews benchmarks implementation by IBOR administrators)