Oversight function

Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance) · European Union

The following requirements shall apply in substitution for the requirements of Article 5(4) and (5): the administrator of an interest rate benchmark shall have in place an independent oversight committee. Details of the membership of that committee shall be made public, along with any declarations of any conflict of interest and the processes for election or nomination of its members; the oversight committee shall hold no less than one meeting every four months and shall keep minutes of each such meeting; the oversight committee shall operate with integrity and shall have all of the responsibilities provided for in Article 5(3).

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.