Commission updates on regulatory reform: The Commission has published its first comprehensive review of the financial regulatory reform measures it has put in place since the financial crisis. It notes many of the measures have yet to enter into force so a final assessment would be premature. The report looks at the costs of reform but comments that phasing in the changes has helped. A Communication from the Commission summarises the main legislative measures and their purpose. (Source: Commission Updates on Regulatory Reform)

Commission continues Euribor antitrust case: The Commission has sent statements of objections to Crédit Agricole, HSBC and JP Morgan setting out its preliminary view that they may have breached EU antitrust law by taking part in a collusive scheme to manipulate Euribor and exchange information on strategies for trading and pricing Euro-denominated interest rate derivatives. Four banks admitted involvement in a cartel and settled last December. Under EU antitrust law, the Commission can impose a fine of up to 10% of a bank's annual worldwide turnover. In his statement accompanying the announcement, Michel Barnier also noted the Commission is pursuing investigations against a broker in the Yen Interest Rate Derivatives market and continues to look at the Swiss Franc Interest Rate Derivatives market, the foreign exchange spot trading market and the benchmarks for oil and biofuels. (Source: Statement on the Euro Interest Rate Derivatives Case)