GPW Benchmark has appointed an Oversight Committee

PRESS RELEASE
 

• The Oversight Committee has been appointed by GPW Benchmark to ensure supervision over all aspects of reference rate provision
• The Oversight Committee members have been recommended by key institutions of the financial sector, including: The Polish Bank Association, ACI Polska and UOKiK
• The Ministry of Finance and the National Bank of Poland have assumed the Observer status

The Oversight Committee of GPW Benchmark, consisting of six newly appointed members, was established to ensure substantive supervision over all aspects of reference rate provision. The Committee was appointed in line with the new WIBID and WIBOR reference rate documentation and the Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.

“We have conferred upon the Oversight Committee broad management powers to ensure effective supervision over reference rates and decisions made by the Administrator”, says Rafał Wyszkowski, the President of GPW Benchmark.

Members of the Oversight Committee have been recommended by institutions representing the interests of the broadly understood users of reference rates.

The Members of the Oversight Committee are:

• Jerzy Bańka and Norbert Jeziolowicz, recommended by the Polish Bank Association,
• Andrzej Nużyński, recommended by the Office of Competition and Consumer Protection,
• professor Andrzej Sławiński, recommended by ACI Polska – the Polish Financial Markets Association,
• Sławomir Panasiuk, recommended by  the Central Securities Depository of Poland,
• Paweł Ostrowski, Ph.D., recommended by the Polish Power Exchange.

“We want the discussion in Poland on the pace and scale of the reference rate reform in Poland to take place in a spirit of consensus, therefore we intend to involve many institutions and stakeholders, encouraging them to participate”, Rafał Wyszkowski underlines. “Therefore, we have decided to establish the Oversight Committee Observer function, which can be performed by institutions that actively and substantially participate in works on adaptation of WIBID and WIBOR reference rates to the requirements of the EU regulation and development of benchmarks for the Polish financial market”, he adds.

The Observer status at the Oversight Committee of GPW Benchmark has been assumed by the Ministry of Finance and the National Bank of Poland, the Polish Bank Association, ACI Polska and the Office of Competition and Consumer Protection.

Detailed information on the Oversight Committee members can be found at www.gpwbenchmark.pl.