Public Consultation on"Proposed Policy on Treatment of Revisions to JBA TIBOR Official Rates, etc."

February 24, 2017

General Incorporated Association JBA TIBOR Administration

We, General Incorporated Association JBA TIBOR Administration ("JBATA") (the chairman: Akihiro Wani) ("JBATA"), intend to establish a policy on treatment of revisions to official and reference rates (hereinafter collectively referred to as "official rates, etc.") in accordance with Article 18 of the JBA TIBOR Operational Rules.
This letter is to notify our public consultation to invite opinions broadly from stakeholders including users, as detailed below.
Please submit your comments, etc., if any, by no later than Tuesday March 28, 2017.

1. Backgrounds
Article 18 paragraph (1) of the JBA TIBOR Operational Rules stipulates that "in the event that we needs to revise the official rate, etc. after publication for unavoidable reasons, the Administration Committee shall discuss the revision, taking into consideration, among other things, reasons for the revision and impact of the revision on contracts referring to the JBA TIBOR. The decision on the revision shall be made by the Board of Directors."
We has drafted "Proposed Policy on Treatment of Revisions to JBA TIBOR Official Rates, etc." as included in Appendix 1 to define "inappropriate calculation" which may result in a revision to official rates, etc. and to clarify treatment when there is "inappropriate calculation" in accordance with the requirement above. Please refer to Appendix 2 "Key Considerations on Proposed Policy on Treatment of Revisions to JBA TIBOR Official Rates, etc." in considering this proposed policy.
The proposals in this proposed policy will be finalized in reference to comments, etc. provided. The final policy is scheduled to be implemented in July 2017.

2. How to submit your comments
(1) Consultation period
From February 24, 2017 to Tuesday March 28, 2017
(Comments should arrive at JBATA no later than March 28, 2017)

(2) Submission
Please submit comments:
・by post to
Operation Department,
General Incorporated Association JBA TIBOR Administration
(Address: Asahi Seimei Otemachi building, 6-1, Otemachi 2-chome, Chiyoda-ku, Tokyo 100-0004, JAPAN); or
・by e-mail to
contact@jbatibor.or.jp.
[Notes]
Your comment would be titled ""Proposed Policy on Treatment of Revisions to JBA TIBOR Official Rates, etc." and would include the following information:
・Name;
・Contact information (Phone number, e-mail address);
・Name of the legal entity or organization (if you are a member of any); and
・Your comments and reasons for your opinions.
Personal information (e.g. name and contact information) included in the comment will be used when we needs to contact you to inquire about unclear matters in comments. For further detail regarding the treatment of personal information, see our Privacy Policy.

[Contact information for any inquiry regarding the consultative document]
Operation Department,
General Incorporated Association JBA TIBOR Administration
Phone: +81 (0)3-6262-6788

Proposed Policy on Treatment of Revisions to JBA TIBOR Official Rates, etc.

Key Considerations on Proposed Policy on Treatment of Revisions to JBA TIBOR Official Rates, etc.