EU Regulators Lay Out Plans For Rate-Fixing Crimes

Law360, New York (July 25, 2012, 6:36 PM EDT) -- Two top European Commission regulators on Wednesday pushed their proposals for criminalizing the manipulation of key banking benchmarks like the London Interbank Offered Rate, with one singling out the Bank of England as an example of self-regulation gone awry.

In a joint press conference, Internal Market and Services Commissioner Michel Barnier and Justice Commissioner Viviane Reding proposed amendments to European Parliament laws that would require all 37 European Union member states to establish crimes and appropriate penalties for manipulating the Libor, the Euro Interbank Offered Rate...
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