The IRF Steering Committee was established to perform oversight function falling within the scope of the Article 5 of the Regulation (Eu) 2016/1011 Of The European Parliament And Of The Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014.

The Steering Committee has all of the responsibilities provided for in Article 5(3), incl:
a) reviewing the benchmark's definition and methodology at least annually;
b) overseeing any changes to the benchmark methodology and being able to request the administrator to consult on such changes;
c) overseeing the administrator's control framework, the management and operation of the benchmark, and the code of conduct referred to in Article 15 of BMR;
d) overseeing any third party involved in the provision of the benchmark, including calculation or dissemination agents;
e) assessing internal and external audits or reviews, and monitoring the implementation of identified remedial actions;
f) taking effective measures in respect of any breaches of the code of conduct referred to in Article 15 of BMR;
g) reporting to the relevant competent authorities any misconduct by contributors, of which the oversight function becomes aware, and any anomalous or suspicious input data.