A discussion paper published on August 10, 2012 by a team commissioned by the UK Treasury's Chancellor of the Exchequer takes a look at the structure and governance of LIBOR and the corresponding criminal sanctions regime. This initial discussion paper identifies the failures within the current LIBOR processes, explores the options to strengthen LIBOR, considers whether LIBOR could or should be replaced by alternative benchmarks, and looks into whether the issues raised with respect to LIBOR are relevant to other benchmarks in financial and other markets. Martin Wheatley, Managing Director of the UK Financial Services Authority and Chief Executive Designate of the Financial Conduct Authority (one of the successor organizations to the FSA) was directed to perform this review and report back to HM Treasury with recommendations.