Extracts from the press conference by Michel Barnier on the draft legislation on benchmarks
On 18 September 2013, Michel Barnier, Member of the EC in charge of Internal Market and Services, held a press conference to present the draft legislation proposed by the European Commission to help restore confidence in the integrity of benchmarks.
The new rules will enhance the robustness and reliability of benchmarks, facilitate the prevention and detection of their manipulation and clarify responsibility for and the supervision of benchmarks by the authorities.
They complement the Commission’s proposals, agreed by the European Parliament and Council in June 2013, to make the manipulation of benchmarks a market abuse offence subject to strict administrative fines. PHOTOSHOTLISTLINKLINK