The recent alleged LIBOR manipulation has led regulators to rethink benchmark regulation. As an initial response to this, the European Commission has amended its proposals for the market abuse Regulation and the criminal sanctions for market abuse Directive to clarify that any manipulation of benchmarks is illegal and can be subject to administrative or criminal sanctions. In addition, the European Commission published a consultation on 5 September 2012 to assess how to improve the production and use of benchmarks.