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Governance

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
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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.

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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:

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

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Biographies of the members

Institute-Governance | January 2022

Chairman’s report to the Board of Directors:

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2023

Institute-Governance | July 2024

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2022

Institute-Governance | July 2023

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2021

Institute-Governance | July 2022

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2020

Institute-Governance | December 2021

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2019

Institute-Governance | March 2019

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2018

Institute-Governance | March 2018

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2017

Institute-Governance | March 2016

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2016

Institute-Governance | March 2017

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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.

  • Click here to read the Terms of Reference of the Euribor® Oversight Committee
  • Click here to read The Minutes of the Euribor® Oversight Committee meetings

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.