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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 Belgian Financial Services and Markets Authority (FSMA). The European Securities and Markets Authority (ESMA) will take over this supervision mission in January 2022.

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BMR Compliance Statement - Independent auditor's assurance report

December 2019

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 republic 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

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

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

Former CEO at Elo Mutual Pension Insurance Company, Board Member of Schibsted AS and Orthex Oyj, part of the Advisory Board of Ermitage-Partners.

Members:

Manuela Athayde Marques

University Professor, Catholic University of Portugal

Paolo Muti

Senior Advisor, European Public Affairs, Italian Banking Association (ABI)

Jørgen Horwitz

Independent Member 

Olivier Brissaud

Independent Member 

Levente Kovacs

Secretary General, Hungarian Banking Association

Klaus Vajc

CEO for EIS Einlagensicherungsbank GmbH

Hendrikje Kapteijn

Independent Member 

Lorena Mullor

Public Policy Advisor, Spanish Banking Association (AEB)

Olivier Mittelette

Head of the Corporate and Investment Banking department, French Banking Federation (FBF)

The Nomination Committee is a sub-committee of the Board of Directors.

Chair:

Satu Huber

Former CEO at Elo Mutual Pension Insurance Company, Board Member of Schibsted AS and Orthex Oyj, part of the Advisory Board of Ermitage-Partners.

Members:

Jørgen Horwitz

Independent Member of the European Money Markets Institute's Board of Directors

Olivier Brissaud

Independent Member of the European Money Markets Institute's Board of Directors

Levente Kovacs

Secretary General, Hungarian Banking Association

 

 

Chair:

Klaus Vajc

CEO for EIS Einlagensicherungsbank GmbH, and Member of The European Money Markets Institute’s Board of Directors

Members:

Jørgen Horwitz

Member of The European Money Markets Institute’s Board of Directors

Olivier Brissaud

Member of The European Money Markets Institute’s Board of Directors 

Manuela Marques

University Professor, Catholic University of Portugal, and Member of The European Money Markets Institute’s Board of Directors

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

January 2022

Chairman’s report to the Board of Directors:

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2021

July 2022

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2020

December 2021

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2019

March 2019

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2018

March 2018

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2017

March 2016

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2016

March 2017

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2015

March 2015

The 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. Eonia® and Euribor® Oversight Committees share the same membership.

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 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.