Fair and effective markets review’s benchmarks to bring into uk regulatory scope

Consultation outcome FAIR AND EFFECTIVE MARKETS REVIEW’S BENCHMARKS TO BRING INTO UK REGULATORY SCOPE Get emails about this page This was published under the 2010 to 2015 Conservative and

Liberal Democrat coalition government This consultation has concluded READ THE FULL OUTCOME IMPLEMENTING THE FAIR AND EFFECTIVE MARKETS REVIEW'S RECOMMENDATIONS ON FINANCIAL BENCHMARKS:

RESPONSE TO THE CONSULTATION Ref: ISBN 978-1-910337-60-8, PU1737 PDF, 214 KB, 20 pages IMPACT ASSESSMENT PDF, 201 KB, 25 pages DRAFT STATUTORY INSTRUMENTS PDF, 43 KB, 6 pages DETAIL OF

OUTCOME Having carefully considered the responses to the consultation, the government’s view is that all 7 benchmarks recommended by the review be brought into the UK regulatory regime. This

document summarises the responses received and sets out the government’s response. ------------------------- ORIGINAL CONSULTATION SUMMARY This consultation seeks views on which additional

major financial benchmarks should be brought into the regulatory framework originally implemented for LIBOR. This consultation ran from 7AM ON 25 SEPTEMBER 2014 TO 11:45PM ON 23 OCTOBER 2014

CONSULTATION DESCRIPTION On 12 June 2014, the government announced the establishment of a joint review by the Treasury, the Bank of England, and the Financial Conduct Authority (FCA) into

the way wholesale financial markets operate. The ‘Fair and Effective Markets Review’ is led by Bank of England Deputy Governor for Markets and Banking, Minouche Shafik, with Martin Wheatley

(Chief Executive Officer, FCA) and Charles Roxburgh (Director General, Financial Services, HM Treasury) as co-chairs. The review will publish its final report in June 2015. But as a

near-term interim output, the Chancellor of the Exchequer asked the review to recommend a list of additional major benchmarks across the fixed income, currency and commodity markets that

should be brought into the regulatory framework originally implemented in the wake of the LIBOR misconduct scandal. This report sets out the review’s recommendations in response to that

request. HM Treasury has launched a consultation, seeking views from interested parties on the recommendations made by the review. Read the news story, ‘Government consults on extending

LIBOR powers to more financial benchmarks’. DOCUMENTS IMPLEMENTATION OF THE FAIR AND EFFECTIVE MARKETS REVIEW’S RECOMMENDATIONS ON BENCHMARKS TO BRING INTO UK REGULATORY SCOPE HTML DRAFT

STATUTORY INSTRUMENTS: FINANCIAL SERVICES AND MARKETS PDF, 397 KB, 5 pages RECOMMENDATIONS ON ADDITIONAL FINANCIAL BENCHMARKS TO BE BROUGHT INTO UK REGULATORY SCOPE PDF, 665 KB, 19 pages

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