Supervision | BMR compliance
The European Money Markets Institute is an Authorised Administrator under the Benchmarks Regulation of the European Union (EU BMR), supervised by the European Securities and Markets Authority (ESMA).
As prescribed by the BMR article 7.3, an independent external auditor shall review and report on our Statement of Compliance. EY Réviseurs d’Entreprises / Bedrijfsrevisoren have conducted this review in accordance with ISA 3000 and they concluded:
- That the control procedures are suitably designed, and
- That the control procedures that were tested were operating effectively throughout 2022.
Upon request, and as stated in the BMR article 7.4, a copy of their complete report can be made available.
Framework
To preserve their high quality and integrity, our benchmarks benefit from a solid Governance Framework establishing the governance, control, and accountability requirements and principles related to their provision.
These continuously enhanced Governance Frameworks are supported by a set of well-established policies and procedures.
The European Money Markets Institute also maintains independent Oversight Committees of market experts overseeing the application of its benchmarks’ Governance Frameworks and monitoring market developments.
Statutes
The European Money Markets Institute is an international non-for-profit association governed by the provisions of the Belgian Code for Companies and Associations.
Its international and European purpose is 'Working for the public good by facilitating the smooth functioning of euro money markets and fostering their further integration'.
To that end, the Association has the following tasks:
- Providing the administration of benchmarks
- Supporting initiatives fostering the integration of the European financial markets such as but not limited to the improvement of their liquidity, safety, and transparency
- Developing and supporting activities related to the money and interbank markets
Statutes of The European Money Markets Institute
Institute-Governance | December 2020
Governing bodies
The General Assembly is composed of the national banking associations of the EU countries (Full Members) and EFTA countries (Associate Members) and is competent for the following matters, in particular:
- Amending to the Association’s statutes
- Appointing and dismissing of directors, as well as discharging them
- Approving the budget and annual accounts
- Voluntary dissolution of the Association
- Acceptance and exclusion of members
- Appointment and dismissal of Members of the Oversight Committees
Determination of the Association’s strategy and approval of its medium-term objectives
The Assembly is presided over by the Chairperson of the Board of Directors.
Membership General Assembly
Institute-Governance | December 2021
The Board of Directors has the power to take all actions necessary or useful for the realisation of the Association's purpose with the exception of that reserved by law or the Statutes to the General Assembly. It may create working groups, allocating to them tasks which it considers opportune, and appoint their presidents.
Chair:
Satu Huber
Independent member
Members:
Manuela Athayde Marques
Independent member
Olivier Brissaud
Independent member
Karin Doguet
Independent member
Hendrikje Kapteijn
Independent member
Olivier Mittelette
French Banking Federation (FBF)
Lorena Mullor
Spanish Banking Association (AEB)
Paolo Muti
Italian Banking Association (ABI)
Robert Peirce
Independent member
Klaus Vajc
Independent member
Committees
Chair:
Klaus Vajc
Independent member of EMMI's Board of Directors
Members:
Olivier Brissaud
Independent member of EMMI's Board of Directors
Karin Doguet
Independent member of EMMI's Board of Directors
Robert Peirce
Independent member of EMMI's Board of Directors
The Nomination Committee is a sub-committee of the Board of Directors.
Chair:
Satu Huber
Chair of EMMI's Board of Directors
Members:
Hendrikje Kapteijn
Independent Member of EMMI's Board of Directors
Olivier Mittelette
Independent Member of EMMI's Board of Directors (French Banking Federation)
The Conflicts of Interest Oversight Committee (CIOC) is composed of three independent members responsible for the identification and management of conflicts of interests at the administrator’s level.
Chair:
Karel Van Hulle
Members:
Stefano Carcascio
Lieve Lowet
Biographies of the members
Institute-Governance | January 2022
Chairman’s report to the Board of Directors:
2022
Institute-Governance | July 2023
2021
Institute-Governance | July 2022
2020
Institute-Governance | December 2021
2019
Institute-Governance | March 2019
2018
Institute-Governance | March 2018
2017
Institute-Governance | March 2016
2016
Institute-Governance | March 2017
2015
Institute-Governance | March 2015
The Euribor® Oversight Committee is an independent body that exercises an unbiased oversight of all aspects related to the provision of the benchmarks of The European Money Markets Institute.
The Oversight Committee consists of at least ten members: one Chair, independent experts with recognised standing and experience in financial markets, and experienced market practitioners directly involved in market operations or bearing direct responsibility within their company or organisation for these activities.
All members are appointed on a personal basis. They are independent and not subject to instructions from the company or organisation to which they belong.
Oversight Committee
An Oversight Committee of market experts supervises the application of the Governance Framework for Efterm®. The Oversight Committee is an independent body established by The European Money Markets Institute that exercises an unbiased oversight of all aspects related to the provision of Efterm®.
Click here to read about the Oversight Committee members.
Click here to read the Terms of Reference of the Oversight Committee.
Click here to read The Minutes of the Oversight Committee meetings.
The STEP Market Committee consists of markets experts representing the actors of the European markets for short-term paper: investors, issuers, dealers, and arrangers. The STEP Market Committee monitors market developments, establishes, and reviews the standards on which the STEP label is based, and provides guidance on the appropriate and consistent interpretation of the STEP Market Convention.