Confirming adherence to FMSB Standards through Statements of Commitment
Full, Associate, and Corporate Members commit to conduct their FICC market activities in a manner consistent with the Core Principles contained in FMSB Standards, and to have internal policies, procedures and controls reasonably designed to give effect to those Core Principles where they are applicable. Members evidence this through an annual Statement of Commitment which they are required to submit to FMSB by 31 December of the following year.
The Statement of Commitment applies to all Standards published by FMSB in final form prior to 31 December of the previous year and reaffirms any previous Statements of Commitment made by the FMSB member where appropriate.
FMSB Members are provided with language for their Statement of Commitment and return this with details of where they publicise it.
1 January to 31 December 2019 Language for Statement of Commitment 2019
1 January to 31 December 2019 FMSB: 2019 Adherence Status
New Members are given additional time to submit their first Statement of Commitment.
For the 2020 Adherence year which ended 31 December 2020, Members have the option to adhere to two additional Standards issued in 2021, which would normally form part of the 2021 Adherence year. These Standards are the Standard on the use of Term SONIA reference rates (once it has been issued in final following the end of the Transparency Draft period) and the Standard for the execution of Large Trades in FICC markets.