On 5 September 2012, the European Commission published a consultation document seeking views on issues relating to a possible framework for the regulation of the use and production of indices serving as benchmarks in financial and other contracts. The consultation follows the recent revelations regarding the alleged manipulation of the LIBOR and EURIBOR benchmarks.
The Commission has requested views on the following points:
- Information on indices and benchmarks – their definition, their purposes, the methodology behind their production and the persons who produce them.
- Governance and transparency issues concerning the calculation of benchmarks, including data usage and persons contributing such data.
- The use and purposes of benchmarks.
- The ways in which private and public bodies provide benchmarks.
- The potential impact of regulating benchmarks, including the international issues that will need to be considered.
The Commission has requested comments on the consultation by 15 November 2012.