The Request was registered on September 23rd, 2016, and notifications were sent to the Requesters and Bank Management.
On November 23rd, MICI determined that the Request was eligible as it complied with the criteria set forth by the Mechanism Policy, excluding those issues and matters raised in the Request that are under arbitral or judicial review.
This determination of eligibility is not an assessment of the merits of the Request or of the issues presented in it. Nor does it represent an approval to conduct an investigation to determine compliance or non-compliance by the Bank with respect to its Relevant Operational Policies.
In accordance with the Requesters' wish to use the Compliance Review Phase, the Request was forwarded to that Phase on December 12th, starting the deadline for the Coordinator to prepare a draft of Recommendation and Terms of Reference for a Compliance Review.
On January 13th, 2017, the Requesters and the Administration received a draft of the Recommendation for a Compliance Review and its Terms of Reference (TOR) to make comments. As of this date, the Parties have 15 business days to submit comments to this document, being the due date February 6th, 2017.
On March 1st, 2017, MICI distributed the Recommendation for a Compliance Review and its final Terms of Reference to the Board of Executive Directors for consideration under Short Procedure.
On March 7th, 2017, the Executive Board of Directors interrupted the approval of the Recommendation by Short Procedure.