European Structured Products: Legal and Regulatory Materials

Benchmark Indices

PRIPs

05/06/2013 IOSCO Consultation Report on Financial Benchmarks
This Morrison & Foerster news bulletin discusses the IOSCO’s follow-up Consultation Report on Financial Benchmarks.
12/05/2012 FSA Consultation Paper CP12/36: The Regulation and Supervision of Benchmarks
This consultation paper sets out the Financial Conduct Authority's (FCA) proposed new rules for firms carrying on regulated activities relating to benchmarks. The FSA has considered both the recommendations in the Wheatley report on LIBOR and HM Treasury's proposed secondary legislation relating to regulating benchmarks in designing the FCA approach to regulating benchmarks. At least initially, the only "regulated benchmark" in the UK will be LIBOR. However, the regulatory framework can be extended to cover additional benchmarks in the future, if the government considers it appropriate.
11/30/2012 GFMA Principles for Financial Benchmarks
The Global Financial Markets Association (GFMA) has developed best practice standards for conducting benchmark price assessments that would serve to enhance confidence in such assessments and, more generally, would promote both the integrity and efficiency of the global financial markets. GFMA first issued its principles in preliminary form on 7 September 2012, and refined them based on a series of discussions with various benchmark participants on their clarity and practicality. The refinements were also informed by regulatory reports, including the Wheatley Review and the recent European Commission consultation as well as the IOSCO review of benchmarks in the commodities markets.
09/28/2012 – 11/2012 Wheatley Review, Final Report and Government Consultation
The Chancellor of the Exchequer commissioned Martin Wheatley, Managing Director of the FSA and Chief Executive-designate of the Financial Conduct Authority, to undertake a review of the structure and governance of LIBOR and the corresponding criminal sanctions regime. On 28 September 2012 the Wheatley Review published its final report after the August 2012 discussion paper, which included a 10-point plan for comprehensive reform of LIBOR. In a press release on 17 October 2012, the Government agreed with the Wheatley Review recommendations and stated it would bring forward amendments to the Financial Services Bill to implement those recommendations that required primary legislation at report stage in the Lords. In November 2012 the Government launched its public consultation on the secondary legislation proposed to implement the recommendations from the Wheatley Review.
09/05/2012 European Commission Consultation on the Regulation of Indices
This consultation sought to assess how to improve the production and governance of benchmarks. Benchmarks should accurately reflect the economic realities that they are intended to measure and should be used appropriately. This consultation paper was aimed at identifying the key issues and shortcomings in production and use of benchmarks in order to assess the need for any necessary changes to the legal framework to ensure the future integrity of benchmarks.
03/01/2012 IOSCO Report - Functioning and Oversight of Oil Price Reporting Agencies
This report from the Technical Committee of the International Organization of Securities Commissions (IOSCO) examines the role played by Oil Price Reporting Agencies (PRAs) in the functioning of oil markets, their methods of operation and governance and potential options for future oversight. The report examines: (i) the governance of PRAs including consideration of the ownership of oil PRAs, their board and executive management structures, how they manage conflicts of interest, their complaints handling procedures, and their systems and controls; and (ii) the impact PRAs’ current functions have on price transparency in the physical oil and oil derivative markets.

European Structured Products: Legal and Regulatory Materials Benchmark Indices

European Structured Products: Legal and Regulatory Materials

Benchmark Indices