EU Lawmakers Target Libor Fixing With Market-Abuse Amendments

Manipulating interbank lending rates like Libor may be made a criminal offense across the European Union under draft proposals published by EU lawmakers.

The European Parliament proposed that anyone who gave “false or misleading information on the value of interest rates, currencies or indexes” would be punished for market manipulation, according to a document published on its website.

Members of the parliament’s economic and monetary affairs committee intend to add the measure to a draft law against market abuse published last year by European Union Financial Services Commissioner Michel Barnier. The move would ensure regulators can seek jail sentences and other criminal sanctions for people found guilty of rigging interbank lending rates.

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