Additionally the Financial Market Benchmarks task force of the International Organization of Securities Commissions (IOSCO) has also consulted on the development of global principles on benchmark related issues. The ACT has been supportive of the Wheatley Review of Libor in the UK and has issued responses to both consultations above. Specific comments have been provided on the role of the benchmark administrator and the potential to misinterpret the term “users” as confined to financial services firms.