Libor scandal: Commission proposes EU-wide action to fight rate-fixing

EU News 358/2012

25 July 2012
IP/12/846
Brussels

In the recent LIBOR scandal, serious concerns have been raised about false submissions of banks' estimated interbank lending rates. Any actual or attempted manipulation of such key benchmarks can have a serious impact on market integrity, and could result in significant losses to consumers and investors, or distort the real economy. The European Commission has today acted to address this kind of 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 (see IP/11/1217 and IP/11/1218). Today's amendments will clearly prohibit the manipulation of benchmarks, including LIBOR and EURIBOR, and make such manipulation a criminal offence.

Source and additional information:
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/846&format=HTML&aged=0&language=EN&guiLanguage=en

Viviane Reding, on the right, and Michel Barnier Date: 25/07/2012 Reference: p-021349-00-17 Location: Brussels - Berlaymont (C)EU, 2012, URL

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