25/07/2012 at 11:30
Where: Brussels, Belgium
Topic: Justice and citizens rights
Organiser: European Commission
The Commission will adopt amended proposals on insider dealing and market manipulation to include specific provisions prohibiting the manipulation of benchmarks and to make such manipulation a criminal offence.
On 20 October 2011 the Commission adopted legislative proposals on insider dealing and market manipulation, including criminal sanctions (see IP/11/1217 and IP/11/1218). These proposals are currently being discussed by the European Parliament and the Council.
Recent scandals have, however, raised concerns about manipulation of benchmarks, such as LIBOR and EURIBOR, and as the proposals on the table do not fully prohibit this, the Commission has decided to amend them to ensure that manipulation of such benchmarks becomes clearly illegal and its practice liable to criminal sanctions.
A joint press conference with Commissioner Barnier and Commissioner Reding will be held at 11.30 in the Berlaymont press room on Wednesday 25 July.
Press release and memo with frequently asked questions available on the day.