EU Wants Tighter Rules For Libor, But Dials Back Reforms

Law360, New York (September 18, 2013, 2:28 PM EDT) -- The European Commission on Wednesday released proposals that would see banks found manipulating benchmarks like the London interbank offered rate facing fines of up to 10 percent of their annual sales, but backed off of having all benchmark rates centrally monitored by a Paris-based regulator.

The proposals unveiled by European Commissioner for Internal Market and Services Michel Barnier come as financial regulators around the world look to restore confidence in benchmark rates like Libor, which have come under fire since a series of big banks were...
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