An administrator is defined as a body responsible for collating the underlying data and publishing the outcome.
The draft proposals define a "critical" benchmark as those - such as Libor - that have systemic importance, although it remains unclear which administrating firms would fall under this definition. We hope these proposals will be agreed in the coming months and will set the general framework for anything to do with sanctions." According to the document, the fine should never exceed €10m, or 20% of turnover, unless the administrator has benefited financially from the infringement, when the fine will be at least equal to the benefit.Ī spokeswoman for the Commission said: "Discussions are still going on internally. The danger of this is that the creation of benchmarks becomes more of an audit or box-ticking exercise, rather than a reflection of supply and demand."Ĭurrent EU thinking is for a tariff of fines ranging from a minimum of €5,000 to a maximum of €10m, which would be linked to the administrator's annual turnover.
One individual at a firm that provides benchmarks said: "The imposition of draconian measures like the fines will not act as incentives for firms to contribute to key EU benchmarks. Some market participants have argued privately that the penalties would be large for an administrating body such as an index provider or trade association and that firms might be deterred from participating in the benchmark-setting process as a result. A regulatory structure like this, with its potentially large fines, will only work if it helps administrators to persuade members to improve, and if the industry and the public alike have confidence in it." Timothy Dutton QC, head of Fountain Court barristers' chambers, said: "To bring in penalties against an administrator of a benchmark is taking regulation in a new direction. This is a sequel to the game TU 95, this time its a 1970s Airline Simulator, you get to control the brand new passenger aircrafts from Tupolev, create an image for your airline along other airline competitors, deliver passengers around 6 countries, use upgrades to improve your plane stability and try to shine in the.įind thousands of relevant and popular keywords in a instant that are related to your selected keyword with this keyword generator.The proposed regulation on benchmarks, expected to be published in July, was drawn up in the wake of last summer's Libor scandal, when several banks were alleged to have rigged the key lending rate.
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