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Joint press conference by Viviane Reding, Vice-President of the EC, and Michel Barnier, Member of the EC, on the amended proposal for a Directive on Criminal Sanctions for Insider Dealing and Market Manipulation

Viviane Reding, Vice-President of the EC in charge of Justice, Fundamental Rights and Citizenship, and Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a joint press conference on the amended proposal for a Directive on Criminal Sanctions for Insider Dealing and Market Manipulation.
This proposal completed the proposal for the Market Abuse Directive made in October 2011 to cover explicitly the manipulation or the attempt to manipulate benchmarks such as Libor. It aimed to criminalise the intentional transmission of false or misleading information manipulating the calculation of a benchmark. Viviane Reding highlighted that there had to be zero tolerance for manipulators in the EU financial markets. Criminal law could serve as a strong deterrence against any future manipulations.
All Member States would have to make sure that manipulating the calculation of a benchmark was clearly inscribed in their national criminal codes and punished with effective sanctions. The signal was clear: the EC was serious in fighting market abuse and in protecting the integrity of its markets in the interest of the citizens.
Joint press conference by Viviane Reding, Vice-President of the EC, and Michel Barnier, Member of the EC, on the amended proposal for a Directive on Criminal Sanctions for Insider Dealing and Market Manipulation
Viviane Reding, on the right, and Michel Barnier
Reference: P-021349
Date: 25/07/2012
Joint press conference by Viviane Reding, Vice-President of the EC, and Michel Barnier, Member of the EC, on the amended proposal for a Directive on Criminal Sanctions for Insider Dealing and Market Manipulation
Viviane Reding, on the right, and Michel Barnier
Reference: P-021349
Date: 25/07/2012



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