ECB published its statement of compliance with the IOSCO principles for financial benchmarks developed by IOSCO. The statement provides an overview of how ECB administers the euro short-term rate (€STR), presents a self-assessment of its compliance with each IOSCO Principle, and describes the relevant frameworks and procedures. The statement has been independently assured by the auditing firm PricewaterhouseCoopers in independent assurance report as at July 15, 2020.
ECB has been the administrator of €STR since it went live on October 02, 2019. ECB’s governance, quality, and accountability processes for the €STR apply the IOSCO principles—where relevant and appropriate—to ensure that an effective and transparent control framework in line with the international best practices is in place to protect the integrity and independence of the process used to determine the €STR. IOSCO had issued the principles for financial benchmarks in July 2013. As administrator of the €STR, ECB has the following tasks and responsibilities in respect of the rate:
- Definition of underlying interest which the rate represents and the methodology
- Implementation and governance of the determination process
- Publication of the rate
Keywords: Europe, EU, Banking, Securities, Financial Benchmarks, €STR, Independent Assurance Report, Risk Free Rates, IOSCO Principles, PWC, ECB
Previous ArticlePRA Reviews Solvency II Effective Value Test Parameters
Next ArticleEIOPA Sets Out Work Priorities for 2021-2023
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.