On February 3, The ICE Benchmark Administration (IBA) revised and published the London Interbank Offered Rate (LIBOR) code of conduct for contributing banks and a LIBOR whistleblowing procedure. These documents relate to IBA's role as the administrator of LIBOR.
The LIBOR Code of Conduct sets out practice standards for contributing banks and covers a number of issues including governance arrangements, submission methodology, conflicts of interest, record-keeping and compliance. The UK Financial Conduct Authority (FCA) has confirmed that the Code is industry guidance.
The whistleblowing procedure explains how an individual can alert the IBA, on an anonymous basis, of any conduct that may involve manipulation, or attempted manipulation, of LIBOR. LIBOR Code of Conduct. Confirmed Industry Guidance. Whistleblowing Procedure.
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