Insider dealing and market manipulation (market abuse):
Lieu: Strasbourg, France - European Parliament
End production: 10/09/2013 First transmission: 10/09/2013
- extracts from the report Arlene McCARTHY (S&D, UK)
Background: MEPs are set to curb financial market manipulation. New rules imposing tougher sanctions for manipulating financial markets, insider dealing or abuse of inside information will be put to vote today. These rules will also cover a wider range of trading venues and financial instruments than today's rules.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior view of the European Parliament, Strasbourg, France (1 shot)
||SOUNDBITE (English): Arlene McCARTHY (S&D, UK), rapporteur : "Surely none of us believed that the best way to serve justice in the EU is to extradite those who committed abuse to the U.S. where they face tougher sanctions and longer jail sentences. So the rules we are voting on today not only close the 'Libor' loop hole, they extent the scope of market abuse rules beyond financial instruments to benchmark indices, this is particular relevant and important and with press rumours and speculations we are now seeing manipulation in energy markets, in the oil and gas sector, as well as potential manipulation in foreign exchange markets."
||SOUNDBITE (French): Michel BARNIER, EU Commissioner responsible for internal market and services:
"Honourable members, the possibility of imposing 15 percent as a maximum sanction, 15 % of turnover that is the size of a sanction just to show that the market abuse is unacceptable and I know that the Parliament wanted to go further of 15 percent turnover, I do understand that we have a review clause that will allow us to come back to this point."
||SOUNDBITE (German): Richard SEEBER, ENVI committee, (EPP, AU):
"This disclosure requirement obviously is relevant when it comes to markets which have an impact on the way prices evolve, we are talking about 80% emissions, this is the amount which is being covered, and then we are talking about say 20 companies which are involved. I think it does make sense to introduce a specific set of rules that we here we have to make sure that we penalise markets that abuse, so that the market can function properly."
||SOUNDBITE (German): Evelyn REGNER, (S&D, AU):
"The confidence of investors and the confidence of European citizens can only take part if all Member states take part on a compulsory basis and they need to take tough sanctions, which are the only way how we can protect the integrity of European markets. The regulation says that market abuse is all irregular handling on financial markets, but in this we have now to breathe life into this sentence. The European institutions and the member states are being called upon to turn their plans such to regulation shadow banking; they have to start working on that without any further delay."
||cut away shots, (4 shots)