New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals
EU News 405/2013
Brussels, 18 September 2013
The Commission has today proposed draft legislation to help restore confidence in the integrity of benchmarks. A benchmark is an index (statistical measure), calculated from a representative set of underlying data, that is used as a reference price for a financial instrument or financial contract or to measure the performance of an investment fund. The new rules will enhance the robustness and reliability of benchmarks, facilitate the prevention and detection of their manipulation and clarify responsibility for and the supervision of benchmarks by the authorities. They complement the Commission’s proposals, agreed by the European Parliament and Council in June 2013, to make the manipulation of benchmarks a market abuse offence subject to strict administrative fines (see MEMO/13/774).
Source and additional information:
Michel Barnier, at the rostrum Date: 18/09/2013 Reference: P-023962/00-06 Location: Brussels - EC/Berlaymont (C)EU, 2013 URL