| Author (Person) | Barker, Alex |
|---|---|
| Series Title | Financial Times |
| Series Details | 9.7.12 |
| Publication Date | 09/07/2012 |
| Content Type | News |
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Article reported that the European Commission would involve itself into the interest rate-rigging scandal rocking the City of London in the summer of 2012 with a legislative proposal to outlaw attempts to manipulate market indices across the EU and a fundamental review of the rules on how Libor is set. Michel Barnier, the EU Commissioner overseeing financial services, would amend reforms to EU market abuse rules so that potential 'loopholes' were closed and criminal sanctions specifically covered tampering with indices such as Libor and Euribor. On the 25 July 2012 the European Commission acted to address market manipulation, by adopting amendments to the proposals for a Regulation and a Directive on insider dealing and market manipulation, including criminal sanctions, initially tabled on 20 October 2011. The amendments will prohibit the manipulation of benchmarks, including LIBOR and EURIBOR, and make such manipulation a criminal offence. |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe, United Kingdom |
