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Call for criminal sanctions for Libor abuse

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Call for criminal sanctions for Libor abuse

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Europe’s top regulatory official is set to propose new rules that would criminalise the manipulation of benchmarks such as Libor.

Michel Barnier wants to amend proposed market-abuse legislation that is designed to clamp down on amongst other areas the manipulation of a reference such as Libor.

“We need to draw lessons from the Libor case,” a spokesman for the EU Commissioner for Internal Market and Services said.