UK To Criminalize Rate-Rigging After Libor, Forex Scandals

Law360, New York (December 22, 2014, 12:35 PM EST) -- The U.K. on Monday pushed forward with efforts to criminalize manipulation of additional key benchmark rates while bringing the regulation of such rates under the auspices of the country’s Financial Conduct Authority.

Those found guilty of manipulating main rates used for the foreign exchange market, crude oil and gold and silver, among other things, would face up to seven years in prison under legislation advanced by HM Treasury, George Osborne, chancellor of the Exchequer, said in a statement.

The legislation would extend the framework for regulating the London interbank offered rate to a total of seven other benchmarks rates, which also...

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