In connection with the recent LIBOR scandal, the European Commission, on 25 July 2012, amended its earlier proposals for regulation on insider dealing and market manipulation. The changes will explicitly prohibit manipulation of benchmarks, including LIBOR and EURIBOR, and make such manipulation a criminal offence. The original proposals date from 20 October 2011 (see also the RCE Newsletter January 2012) and consist of a directive and a regulation. The regulation aims to reinforce the investigative and sanctioning powers of supervisors, promote the fight against market abuse in commodities and derivatives markets, and ensure that regulation keeps pace with market developments. The directive requires member states to ensure that insider dealing and market manipulation are subject to criminal sanctions.