On February 26, 2016, the International Organization of Securities Commissions published its Second Review of the Implementation of IOSCO’s Principles for Financial Benchmarks by Administrators of the Euro Inter-Bank Offer Rate, the London Inter-Bank Offer Rate and the Tokyo Inter-Bank Offer Rate. The IOSCO Principles were first published in 2013 to enhance the reliability of benchmark determinations. The first review on the implementation of the Principles was published in 2014 and included remedial recommendations for the administrators of EURIBOR, LIBOR and TIBOR.

The Second Review reports on progress made in implementing the recommendations set out in the 2014 review report. IOSCO found that the three administrators—European Money Markets Institute, ICE Benchmark Administration and JBA TIBOR Administration—have all taken steps to implement the recommendations and that most of the recommendations have already been implemented or steps taken to implement them. IOSCO has made individual recommendations for each administrator so as to ensure the full implementation of the Principles. IOSCO does not intend to conduct a follow up review; however, national regulators are expected to monitor progress made towards full implementation of the IOSCO Principles for Financial Benchmarks.

The Second Review report is available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD526.pdf, the First Review Report is available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD444.pdf and the IOSCO Principles are available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.