IOSCO published a public communiqué, entitled 'Implementation of the Principles for Financial Benchmarks', encouraging administrators to take all the necessary measures to comply with the IOSCO Principles for Financial Benchmarks by July 2014.
In the communiqué, IOSCO also requests that administrators publically disclose every year the extent of their compliance with the Principles for Financial Benchmarks, which were issued on 17 July 2013.
The communiqué says: IOSCO believes these Principles provide a solid framework to ensure the quality, integrity, continuity and reliability of Benchmarks, and therefore encourages Administrators to take all the necessary measures to comply with them and provide the public disclosure set out above".
The report published with the Principles sets out a 12-month period for benchmark administrators to implement the Principles. In the communiqué, IOSCO reminds benchmark administrators of the importance of implementing the Principles by July 2014.
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