New UK Regulator To Bring Heightened Libor Oversight

Law360, New York (March 25, 2013, 12:29 PM EDT) -- A new U.K. regulator charged with overseeing financial industry practices will take over supervision of the scandal-plagued Libor next month and will require the benchmark's administrators to corroborate bank submissions when calculating the rate, the U.K. Financial Services Authority said Monday.

The U.K. Financial Conduct Authority, set to begin operations April 1 as part of a restructuring of the British financial regulatory system, will have oversight responsibility for all benchmark interest rates but will initially only supervise the London interbank offered rate, or Libor.

The benchmark...
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