EU’s Barnier pushes for criminal sanctions for Libor abuse

(Reuters) – Europe’s top regulatory official intends to propose new rules that would criminalize the manipulation of benchmarks such as Libor, a spokesman for the EU commissioner in charge of financial reform said on Monday.

Michel Barnier wants to amend proposed market-abuse legislation that is designed to clamp down on insider trading and other wrongdoing to include the manipulation of a reference such as Libor, which is a basis for lending and derivatives contracts around the world.

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