On 29 April 2016, FIA, ASIFMA and ISDA submitted a joint response to Australia's Council of Financial Regulators consultation paper on financial benchmarks regulatory reform.
The three trade associations support the overall objectives of financial benchmark regulation and strongly agree with the proposed approach that only significant benchmarks will be subject to regulation in relation to proposed benchmark administration and benchmark submission reforms. The associations have also encouraged the Australian regulators to take into account cross border issues to ensure that any extra-territorial impacts are considered and to the extent necessary, establish a principles-based exemptions/equivalence process that avoids duplicative or conflicting requirements.
The full response is available in Resources on the right.
