Background
As part of the efforts to enhance the overall governance and robustness of its benchmarks, The Markets European Money Markets Institute adopted a Complaints Policy on 26 September 2014 (and revised it on 24 November 2016) with the purpose of receiving, addressing, and managing complaints related to its activities and functioning, and to operations linked to the administration, determination, and publication of its benchmarks.
This Policy provides a comprehensive framework to address and manage complaints that are made in relation to the activities and functioning of The European Money Markets Institute in its role as a Benchmark Administrator, with respect to the administration of market programs (i.e. the STEP initiative), or at Association level.
Handling of complaints
The European Money Markets Institute is responsible for the management and disposition of complaints. The European Money Markets Institute will record receipt of the complaint and further record the relevant details of the complainant(s) and the complaint, to the extent they are provided.
If sufficient contact information has been provided, the complainant(s) will receive, within 7 working days of the complaint, a notice of receipt for such complaint. This notification may include requests for further information, as necessary.
The European Money Markets Institute will investigate with regard to the complaint, which may include, but not be limited to, a review of appropriate communications, documentation, and data as well as discussions with relevant stakeholders.
Following investigation, The European Money Markets Institute will produce a report that outlines a summary of the complaint, the response to the complaint, and any remedial actions that may be taken to address the complaint. Prior to finalisation of the report, The European Money Markets Institute may escalate any issues related to a complaint to other governing bodies, as deemed necessary. The European Money Markets Institute will provide the report to the complainant(s) without unnecessary delay, if the appropriate contact information was made available.
If the complainant(s) find(s) The European Money Markets Institute’s report in response to a complaint unsatisfactory or insufficient, the complainant(s) may lodge an appeal against such response report. Appeals must be made with The European Money Markets Institute, within a reasonable period of time and without unnecessary delay following receipt of the report by the complainant(s) and should further be accompanied by additional evidence, documentation and/or data that supports the need for additional review.
The appeal will be reviewed by the relevant Oversight Committee (when the complaint relates to a benchmark and was not escalated in first instance), Market Committee (when the complaint relates to a Market program, e.g., STEP initiative, and was not escalated in first instance), or by the Board of Directors (when escalation to an Oversight Committee, Market Committee or to the Board of Directors already occurred in first instance). Such authorised governing body will review the appeal and any accompanying evidence and deliver a response to the appeal in a timely fashion to the complainant(s).
Complaints documentation is subject to the Record-Keeping Policies of The European Money Markets Institute.
Confidentiality/Data protection
Complaints received by The European Money Markets Institute will be addressed and managed in accordance with relevant Belgian legislation and regulatory data protection standards.
Should confidentiality be requested, the identity of the complainant, as well as any element of the complaint, will be kept confidential at all stages of the process and only transmitted to the relevant governing bodies, unless The European Money Markets Institute is obliged to disclose the identity of the complainant in the event of any subsequent judicial proceedings or in case of an investigation by regulatory and supervisory agencies.
In the event the allegations made by a third party turn out to be false and made in bad faith, The European Money Markets Institute may decide to take legal action or file a complaint with a regulatory or supervisory agency.
Contact us
Complaints can be filed through the Complaints form, by letter, by phone, or email.
Mailing address, phone and email:
Complaints Manager
The European Money Markets Institute
56 Avenue des Arts | 1000 Brussels | Belgium
+32 (0)2 229 08 325 | complaints@emmi-benchmarks.eu