On 22 July 2014, IOSCO published its Review of Implementation of the  Principles for Financial Benchmarks by Administrators of the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”) and the Tokyo Interbank Offered Rate (“TIBOR”) (collectively, the “IBORs”) (“the IOSCO Review”). The Review evaluates compliance with the IOSCO Principles for Financial Benchmarks (the “IOSCO Principles”) by the administrators of the IBORs. IOSCO states that significant progress has been made in implementing the majority of the principles, though further work is required on implementing the principles on benchmark design, data sufficiency and transparency of benchmark determinations. The review sets out recommended remedial action to be taken by each administrator, and IOSCO expects each administrator to submit a work plan to its regulator. A further implementation review will occur in mid-2015, to assess progress made by the administrators in implementing the remedial actions.

The IOSCO review is available here: