The European Commission has published an amended proposal for a regulation on insider dealing and market manipulation.

In light of recent investigations in relation to possible manipulation of EURIBOR and LIBOR benchmarks for interbank lending rates by a number of banks, the Commission has assessed whether the possible manipulation of benchmarks would be captured by its current proposals on insider dealing and market manipulation and related proposal for criminal sanctions for insider dealing and market manipulation.

The Commission had concluded that the direct manipulation of benchmarks does not fall within the scope of either proposal. In order to ensure that the manipulation of benchmarks is covered by common European rules to prevent market abuse, the Commission proposes to amend its proposal for a Regulation.