On October 17, the FSA published a speech by Martin Wheatley (the FSA Managing Director and Chief-Executive Designate of the Financial Conduct Authority), which indicated the regulatory expectations for banks making LIBOR submissions until the new LIBOR regime is put into place.  Mr Wheatley was clear that, in the long term, there will be high-level rules and a code of conduct to govern LIBOR submissions.

LIBOR submitters should have regard to the submission guidelines set out in the Wheatley Report, and use a combination of their judgment and transaction data.

The UK government announced in a written ministerial statement that it has accepted all the recommendations made in the Wheatley Report.