Press Release: New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals

The Commission proposed draft legislation to help restore confidence in the integrity of benchmarks on 18 September 2013. 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.

• Primary Source

European Commission: RAPID: Memo, MEMO/13/799: Proposal for a Regulation on indices used as benchmarks in financial instruments and financial contracts – Frequently Asked Questions http://europa.eu/rapid/press-release_MEMO-13-799_en.pdf

ESO: Background information: New EU rules to stop banks rigging benchmarks http://www.europeansources.info/record/new-eu-rules-to-stop-banks-rigging-benchmarks/

Deutsche Welle, 18.09.13: EU to tighten control of benchmarks in wake of Libor scandal http://www.dw.de/eu-to-tighten-control-of-benchmarks-in-wake-of-libor-scandal/a-17098153

European Commission: RAPID: Speech, SPEECH/13/722: De nouvelles mesures pour restaurer la confiance dans les indices de référence, à la suite des scandales du LIBOR et de l’EURIBOR http://europa.eu/rapid/press-release_SPEECH-13-722_fr.htm

EurActiv, 19.09.13: EU cracks down on interbank ‘benchmark’ indexes http://www.euractiv.com/euro-finance/proposal-member-states-regulate-news-530558

EurActiv, 05.11.13: EU lawmakers pledge speedy Libor reform, scope debated http://www.euractiv.com/euro-finance/eu-lawmakers-pledge-speedy-libor-news-531508

ESO: Background Information: Proposal for a Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts http://www.europeansources.info/record/proposal-for-a-regulation-of-the-european-parliament-and-of-the-council-on-indices-used-as-benchmarks-in-financial-instruments-and-financial-contracts/

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