The European Securities and Markets Authority published a final report containing draft final rules regarding behaviors and standards expected of administrators and contributors to European Union Financial Benchmarks. Among other things, the new rules require an oversight function at administrators to oversee benchmark contributions and a managing of conflicts of interests between administrators and contributors. The goal of the draft final rules is to minimize the likelihood of manipulation of benchmarks. A level playing field across different member states is also required for the registration of benchmark administrators. ESMA already has submitted the draft final rules to the European Commission for its consideration; the EC has three months to decide to adopt them or not. The EC previously issued a Benchmarks Regulation that will be fully effective on January 1, 2018.