Summary of the Principles
These Principles are intended to promote the reliability of Benchmark determinations, and address Benchmark governance, quality and accountability mechanisms. Although the Principles set out uniform expectations, IOSCO does not expect a one-size-fits-all method of implementation to achieve these objectives. The Principles provide a framework of standards that Administrators should implement according to the specificities of each Benchmark. In particular, the application and implementation of the Principles should be proportional to the size and risks posed by each Benchmark and/or Administrator and the Benchmark-setting process. Moreover, nothing in these Principles is intended to restrict an Administrator from adopting its own unique Methodology or from adapting their Methodologies to changing market conditions in order to meet the Principles.
Governance:
These Principles are intended to ensure that Administrators will have appropriate governance arrangements
…