Background
On 16 April 2013 the International Organization of Securities Commissions published a Consultation Report: Principles for Financial Benchmarks [Principles for Financial Benchmarks, IOSCO, April 2013, supra fn No 1] (April Consultation Report), which requested comments from the public on proposed final Principles for Financial Benchmarks. The principles were developed by IOSCO’s Board Level Task Force on Financial Market Benchmarks. The IOSCO Board created the Task Force in light of investigations and enforcement actions regarding attempted manipulation of major interest rate Benchmarks [Japan Financial Services Agency (JFSA) took administrative action against RBS Securities Japan Limited (12 April 2013); US Commodity Futures Trading Commission (CFTC) Order against UBS AG and UBS Securities Japan Co. Ltd to pay a $700 million penalty to settle charges of manipulation, attempted manipulation and false reporting of certain global benchmark interest rates (19 December 2012): h
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