Bankers caught manipulating the Libor exchange rate could face a minimum five-year jail term under new EU legislation.
The provisions included in the proposed market abuse law were adopted by 39 votes to 0 with a single abstention in a vote by the parliament's economic and monetary affairs committee on Monday (9 October).
Arlene McCarthy, the centre-left MEP piloting the bill through parliament, described the move as "a key step along the road to reforming the financial sector."<...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.