Public statement
On 27 January 2022, the FSMA formally handed over its chairmanship of the supervisory EURIBOR college to ESMA, being the new competent authority of the administrator of EURIBOR.
Over the last few years, the FSMA took its role in protecting financial consumers seriously. The FSMA took up the role as observer in a task force consisting of EMMI and EURIBOR panel banks to provide guidance on how a BMR-compliant benchmark could look like. This task force resulted in the development of a BMR-compliant hybrid methodology anchored to the largest extent possible in transactions.
In addition, the FSMA granted on 2 July 2019, following a positive advice of the EURIBOR supervisory college, the European Money Markets Institute (EMMI) the authorisation as a benchmark administrator. This decision was made after the FSMA closely followed up the transition from a quote-based to a hybrid methodology and analyzed the authorisation file with great scrutiny.
As a consequence, users can continue to use EUBIBOR as it is deemed a robust and representative benchmark. The FSMA is proud to hand over to ESMA the supervision of a benchmark that is now more robust and representative, and with less potential for manipulation, compared to several years ago.
Source: FSMA
