The review follows a prior implementation review that was published in September 2014. It takes into account the results of the PRAs’ second year assurance reports, the operational changes implemented by the PRAs and the public comments received on the continuing implementation of the PRA Principles.

 

It is also informed by two quantitative and qualitative reports prepared by the International Energy Association (IEA), International Energy Forum (IEF) and Organization of Petroleum Exporting Countries (OPEC), which analyzed the impact of the International Organization of Securities Commissions (IOSCO) Oil PRA Principles on physical oil markets.

 

Overall, IOSCO’s report concludes that the PRAs have made the PRA Principles an integral part of their management policies and operational practices. Given the progress that has been evidenced to date, the commitment by the four main PRAs to continue adhering to the PRA Principles, and to undergo independent external assurance reviews, IOSCO, IEA, IEF and OPEC do not believe that further annual implementation reviews will be necessary at this time.

 

However, IOSCO, IEA, IEF and OPEC will continue to monitor the PRAs’ activities primarily through the results of subsequent external assurance reviews and their ongoing engagement with the PRAs and interested stakeholders.

 

The IOSCO Oil PRA Principles were prepared in response to a request from the G20 Leaders at their Cannes Summit in November 2011. Referring to the PRAs, the G20 asked that “IOSCO, in collaboration with the International Energy Association (IEA), International Energy Forum (IEF) and the Organization of Petroleum Exporting Countries (OPEC), prepare recommendations to improve their functioning and oversight….” The IOSCO Oil PRA Principles were subsequently published in October 2012 and adopted by the four main PRAs.

 

Press release

 

Full report