On 17 July 2013, the International Organization of Securities Commissions (IOSCO) published its final report on principles for financial benchmarks (following its April 2013 consultation). The principles cover:
- Governance principles aimed at protecting the integrity of the benchmark determination process and dealing with conflicts of interest.
- Benchmark quality principles aimed at promoting the quality and integrity of benchmark determinations through the application of design factors.
- Methodology principles aimed at promoting the quality and integrity of methodologies by setting out minimum information that should be addressed within a methodology.
- Accountability mechanisms such as a complaints process, documentation requirements and audit reviews.
The principles require that benchmark administrators publicly disclose their compliance with the principles within 12 months of publication of the report. The principles do not supersede existing laws, regulations or relevant regulatory or supervisory frameworks in specific jurisdictions. IOSCO will review the extent to which the principles have been implemented within 18 months.