Meanwhile, various international standard setting bodies, central banks and market regulators have undertaken comprehensive review of the existing benchmark setting system and recommended several reform measures for restoring the credibility of the financial benchmarks. Such reform measures have been undertaken/underway in many jurisdictions.
To mention a few major ones; the LIBOR has been notified as a regulated activity under FSMA (Financial Services and Markets Act 2000) since April 2, 2013 with provisions for criminal sanctions for manipulation of the benchmark. The administration of LIBOR has recently been transferred to the Intercontinental Exchange Group (ICE) Benchmark Administration Limited.