General approach on market abuse
Friday 07 December 2012
The Justice Council approved a general approach, on 7 December, on a draft directive to penalise market abuse, namely insider trading and market manipulation. The text will now be negotiated with the European Parliament to work out a final compromise. Following the “Liborgate” scandal, the Commission amended its text to include the manipulation of benchmark indices such as interbank rates (Libor or Euribor).
Europolitics has learned that the Council made no substantive changes to the Commission’s text. Details in an upcoming issue.