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
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.
MAS updated rules for new housing loans by banks and finance companies.
HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.