EU Pushes Prison For Major Financial Violations

Law360, New York (December 8, 2010, 5:45 PM EST) -- The European Commission on Wednesday proposed that all member states have a minimum prison sentence for what it called the most serious violations of financial services rules, including insider trading and other market manipulation.

Currently, two of the European Union's 27 member states do not impose criminal penalties on individuals or institutions that violate market manipulation laws, although the level of punishment varies among the other member states, a European Commission position paper said.

Such variations provide opportunities for “regulatory arbitrage” by violators of securities laws,...
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