The Commission has published amendments to its proposals for a Directive on criminal sanctions for insider dealing and market manipulation (CMAD) and for a Regulation on market abuse (MAR) (together MAD 2). The scope of both proposals now includes direct manipulation of benchmarks such as LIBOR or EURIBOR. A definition of “benchmark” will be wide and will include any benchmark that determines the amount payable under a financial instrument. Supervisors will be able to impose administrative sanctions on any actual or attempted manipulation of benchmarks without having to prove its impact on the rate. Additionally, inciting, aiding and abetting benchmark manipulation will become a criminal offence under CMAD as will attempting to commit any of the new offences. (Source: LIBOR Scandal: Commission Proposes EU-wide Action)