UK To Adopt Jail Penalty For Libor Schemes, Other Reforms

Law360, New York (October 17, 2012, 3:36 PM EDT) -- The British government said Wednesday it would adopt recommended reforms to the London Interbank Offered Rate following a rigging scandal, including government oversight of the key interest rate benchmark and jail time for those who fiddle with it.

Her Majesty's Treasury said it will change British law to include all of the recommendations made Sept. 28 by Martin Wheatley, the managing director of the U.K. Financial Services Authority, to reform the rate used to price financial transactions worldwide, which is managed by the industry group the...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.