IOSCO reviews implementation of benchmarks by interest rate administrators.The International Organization of Securities Commissions published its “Review of the Implementation of IOSCO’s Principles for Financial Benchmarks by Administrators of Libor, Euribor and Tibor.” The report assesses the three major interest reference rates against the IOSCO Principles for Financial Benchmarks. The report finds that both completed and on-going reforms have raised the overall oversight, governance, transparency and accountability of the three administrators and their respective benchmarks. (7/22/2014) IOSCO press release.
FSB proposes reforms for interest rate benchmarks. The Financial Stability Board published proposals, plans and timelines for the reform and strengthening of existing major interest rate benchmarks and for additional work on the development and introduction of alternative benchmarks. (7/22/2014) FSB press release.
IOSCO posts consultation comments. The International Organization of Securities Commissions has posted the comments it received in response to a consultation report on a code of conduct for credit rating agencies. (7/15/2014) IOSCO comments webpage.
Financial Stability Board Makes Forex Recommendations. The Foreign Exchange Benchmarks Group of the Financial Stability Board has proposed recommendations aimed at reforming the foreign exchange market. Comments should be submitted by August 12, 2014. FSB press release.
Capital requirements for largest insurers proposed. The International Association of Insurance Supervisors released for public consultation its proposed Basic Capital Requirements for global systemically important insurers. Comments should be submitted by August 8, 2014. (7/9/2014) IAIS press release.