Extracts from the joint press conference by Viviane Reding and Michel Barnier on the EC's proposal to amend proposals on market abuse
On 25 July 2012, Michel Barnier, Member of the EC in charge of Internal Market and Services, and Viviane Reding, Vice-President of the EC in charge of Justice, Fundamental Rights and Citizenship, presented EU-wide action to fight rate-fixing, at the European Commission, in 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.
On that date, the European Commission 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. These amendments will clearly prohibit the manipulation of benchmarks, including LIBOR and EURIBOR, and make such manipulation a criminal offence. PHOTOSHOTLISTLINKLINKLINK