Friday January 10 2014
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Type: General
Country: European Union
Link: http://europa.eu/rapid/press-release_IP-11-1218_en.htm
The leading committee of the European Parliament for Economic matters has given its support to a European Commission proposal for criminal sanctions to tackle the abuse and manipulation of financial markets (IP/11/1218). The Parliament’s Economic & Monetary Affairs Committee (ECON) unanimously backed an agreement on the proposal reached with Member States, represented in the Council of Ministers, late last year (IP/13/1299). Under the new rules for countering insider dealing and market abuse, Member States will have to make sure that such behaviour, including the manipulation of benchmarks, is a criminal offence, punishable with effective sanctions everywhere in Europe. The agreement is now expected to be confirmed by the European Parliament in plenary in February 2014.
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