EU Markets Regulator Wants To Criminalize Libor Rigging

Law360, New York (July 24, 2012, 9:02 PM EDT) -- The European Commission's chief markets regulator said Tuesday that he would propose criminalizing the manipulation of key banking benchmarks — including the London Interbank Offered Rate — in the wake of allegations that major banks participated in widespread interest rate-rigging.

Michel Barnier, the European commissioner for internal market and services, said he and Justice Commissioner Viviane Reding would propose to the European Parliament specific rules making manipulation of benchmarks like the Libor subject to criminal sanctions.

In a statement on his website Tuesday, Barnier said he...
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