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.
BMR Compliance Statement - Independent auditor's assurance report
Documents | 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
Statutes of The European Money Markets Institute
Documents | 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.
Members & Associate Members of General Assembly
Documents | January 2014
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)
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)
Members:
Independent Member
CEO for EIS Einlagensicherungsbank GmbH
Head of the Corporate and Investment Banking department, French Banking Federation (FBF)
Members:
Independent Member
CEO for EIS Einlagensicherungsbank GmbH
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:
Mr Jean-François Pons
Former Executive Director, Delegate for European and International Affairs at the French Banking Federation (FBF).
Members:
Mr Jørgen Horwitz
Independent Member of the European Money Markets Institute's Board of Directors
Mr Olivier Brissaud
Independent Member of the European Money Markets Institute's Board of Directors
Dr Levente Kovacs
Secretary General, Hungarian Banking Association
Chair:
Mr. Pierfrancesco Gaggi
Head of International Relations Department,Italian Banking Association (ABI) and member of The European Money Markets Institute’s Board of Directors.
Members:
Ms. Jørgen Horwitz
Member of The European Money Markets Institute’s Board of Directors
Mr. Olivier Brissaud
Member of The European Money Markets Institute’s Board of Directors
Ms. 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:
Mr. Karel Van Hulle
Members:
Mr. Stefano Carcascio
Ms. Lieve Lowet
Biographies of the members
Documents | January 2019
Chairman’s report to the Board of Directors:
2019
Documents | March 2019
2015
Documents | March 2015
2016
Documents | March 2017
2017
Documents | March 2016
2018
Euribor | March 2018
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.
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.