FSA is consulting on changes to its rules relating to the regulation and supervision of benchmarks. The changes will:
- require benchmark administrators to corroborate submissions and monitor for any suspicious activity;
- require those who submit data to benchmarks to have a conflicts of interests policy and good systems and controls; and
- create two new significant influence controlled functions for (a) administering and (b) submitting firms.
FSA plans a new chapter 8 of the Market Conduct Sourcebook setting out the requirements for administrators and submitters, changes to SUP in respect of the new controlled functions, and other minor changes. FSA also asks for views on how it could broaden participation in LIBOR panels, including how FCA could use its powers to require firms to contribute. FSA wants comments by 6 January 2013. (Source: CP12/36***: The Regulation and Supervision of Benchmarks)