The Review chaired by Martin Wheatley into LIBOR setting and related issues has published its initial thoughts for consultation. Martin Wheatley introduced the consultation by summarising its purpose and the main questions it asks. The consultation:
- identifies weaknesses in the current arrangements;
- suggests ways of improving LIBOR setting;
- considers whether LIBOR-related activities should fall under the Financial Services and Markets Act 2000 (FSMA) and FSA’s regulatory remit; and
- looks at alternative benchmarks and international standards.
The consultation closes on 7 September as the Review must report to the Government by the end of September. For more detail, please see our separate newsflash. (Source:Wheatley Review Consults on LIBOR and Martin Wheatley Speaks on LIBOR Review)