RUONIA Oversight Committee
RUONIA Oversight Committee, consisting of representatives from the Bank of Russia and SRO National Finance Association, supervises the performance of administration functions in line with the Principles for Financial Benchmarks of the International Organization of Securities Commissions.
Key objectives of the Committee:
- supervision over the performance of RUONIA administration
- approval of documents and procedures related to RUONIA administration
- interaction with the Expert Council on Benchmarks and Rates of the SRO National Finance Association.
Members of the Committee are appointed so as to prevent any potential conflict of interest. Members of the Committee are appointed not based on their job positions, but rather professional competences. They are engaged in the Committee’s work personally and may not assign their powers to any other persons. Committee members do not receive any remuneration for their work in the Committee.
Members of the Committee are appointed pursuant to the relevant Order of the Bank of Russia Governor. The appointed members continue to work in the Committee until the Bank of Russia Governor reissues the Order, as proposed by the Committee Chairperson, Bank of Russia First Deputy or Deputy Governors, as well as other executives of the Bank of Russia. Members of the Committee may not be appointed from among specialists dealing with the collection, processing, calculation and publication of this benchmark interest rate. In addition, members of the Committee may not be appointed from among the employees of the Bank of Russia units using the RUONIA rate in their key business processes, including the development and implementation of monetary policy. RUONIA panel banks’ representatives may not be members of the Committee from the self-regulatory organisation National Finance Association.