Commission proposes EU-wide action to fight LIBOR rate fixing

Any actual or attempted manipulation of key benchmarks such as LIBOR can have a serious impact on market integrity. The European Commission has acted to address this by making amendments that will clearly prohibit the manipulation of benchmarks, including LIBOR and EURIBOR, and make such actions a criminal offence. Vice-President Viviane Reding, the EU's Justice Commissioner said: "EU action is needed to put an end to criminal activity in the banking sector and criminal law can serve as a strong deterrent. This is why we are proposing EU-wide rules to tackle this type of market abuse and close any regulatory loopholes.” July 26, 2012