Reforms to the governance and oversight of key financial benchmarks are largely complete, but there’s work to be done on revising calculation methodologies, and improving transparency, says a report from the International Organization of Securities Commissions (IOSCO).

The IOSCO report published on Friday details the results of its second review of the work by the organizations that are administering interest rate benchmarks, such as LIBOR and EURIBOR. Major reforms in benchmark administration followed the market manipulation scandals involving these benchmarks, including a new set of IOSCO principles for benchmark administration.

In 2014, IOSCO published the results of its first review of the progress in benchmark reform, which included a number of recommendations for the benchmark administrators. Friday’s report finds that most of those recommendations have been followed, particularly the ones dealing with governance and accountability. “The review saw evidence that all the administrators had developed and improved their policies and procedures in a number of areas including conflicts of interest, consultation with stakeholders and internal oversight,” the report says.

However, the report also found that work continues in terms of reforming the benchmarks themselves to base them on actual transactions, and not just submissions from banks, which have proven vulnerable to manipulation. The report also found that the benchmark administrators are working on this, but that this is largely at the planning and consulting stage. The ultimate adherence to IOSCO’s principles “will depend on the outcome of the planned work, rather than the plans themselves,” the report says.

Additionally, the report says that efforts to improve the quality of benchmarks “should not be seen as a one-off process”, but that it should continually evolve and “to be responsive to changes in methodology and the market for the underlying interest.”

The report also makes recommendations for the benchmark administrators aimed at strengthening the implementation of the IOSCO principles.