Council throws weight behind Commission’s proposed rules
The European Union Council has upped the
ante in the fight against the manipulation of financial
benchmarks Friday, giving its backing to proposed rules from
the European Commission which seek to enhance the robustness
and reliability of financial benchmarks and contracts in
The Permanent Representatives Committee,
on behalf of the council, has agreed a "negotiating stance on
new rules aimed at ensuring greater accuracy and integrity of
benchmarks in financial instruments."
The move sees the council give its backing
to the rules which were proposed by the European Commission in
September 2013, in the wake of the Libor and Euribor rigging
scandals which resulted in a spate of multi-million euro fines
on a number of European and US banks.
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