The European Commission has launched a consultation on regulation of indices on 5 September 2012. The consultation aims to solicit views on a possible new regulatory framework around indices which operate as benchmarks within the financial sector.

Responses to the consultation should be submitted by 5 November 2012. For more information, please click here.

This consultation is in response to recent developments regarding the alleged manipulation of indices such as the EURIBOR, LIBOR and TIBOR benchmarks and follows the publication by the European Commission in July (covered in our previous updates) of a number of revisions to its proposals for a regulation and directive on insider dealing and market manipulation which have the aim of bringing such activity within the scope of the regulation and directive to ensure that it attracts criminal sanction.

The European Parliament’s Committee on Economic and Monetary Affairs also published a questionnaire for public consultation in the context of the Commission’s amended proposals, which consultation closed on 17 September 2012.