EBA adopts rules for disagreement settlement panels: EBA has published a Decision to adopt the rules of procedure of the panel for settling disagreements between competent national authorities in cross-border situations. (Source: Decision of EBA Adopting the Rules of Procedure for the Settlement of Disagreements Between Competent Authorities)
EBA and ESMA publish Euribor-EBF review: EBA and ESMA have published the findings of their review of Euribor-EBF's progress against the Recommendations they made in January 2013. EBA and ESMA find that progress has been significant, particularly in the field of governance of the Euribor-setting process. Nonetheless, they encourage Euribor-EBF to take into account the IOSCO Principles for Financial Benchmarks, the Commission's proposals for a Benchmarks Regulation and FSB's work, all of which have been developing since the Recommendations were published last year. The improvements made so far to the Euribor-setting process include:
- reduction of panel banks representation at the Steering Committee and increase in the frequency of meetings to every two months;
- discontinuation of less frequently used tenors;
- reinforcement of the Code of Conduct at administrator level and introduction of a Code of Obligations for panel banks and a Code of Conduct for the agent's operations;
- post fixing checks and back-testing;
- new record-keeping policy; and
- commitment to perform internal and external audits and disclose the results of the latter.