MEP to meet with top US regulators on Libor interest rate scandal - 2012-07-17

Arlene McCarthy, the MEP drafting the EU's rules on market abuse who has already called for tough sanctions on those involved in interest rate rigging, is in Washington DC this week to talk to US regulators.

Arlene said: “We're meeting to discuss how we toughen up our rules on this abuse, especially to ensure full disclosure of all relevant data and evidence.

“It's astonishing that it has taken years to get information and e-mails from the banks on the Libor fixing and that some banks are still not providing information on request.

“It was the US Commodity Futures Trading Commission (CFTC) that launched and pursued these investigations and I welcome the opportunity to have these high level meetings inWashington.

"It's vital that individuals are personally held to account for their actions - not just their institution,” she said.

Arlene McCarthy has written this week to Commissioner Almunia requesting firstly that he widen his investigation into possible cartel fixing of oil and commodity prices following revelations in the International Organisation of Securities Commissions (IOSCO) report, and secondly that he strengthens his investigation into the banks' cartel activity on Credit Default Swaps data that started 12 months ago.

Arlene McCarthy added:  "The EU cannot be seen to be the soft option or a safe haven for perpetrators of market abuse.”

"If the US can conduct criminal investigations with large fines and custodial sentences of up to 14 years, then we too need to toughen the rules and make it a crime to transmit false information to the market.” 

ENDS 

Notes for Editors:

Arlene will be meeting today (Tuesday 17th July) with the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC)

For more information  David Poyser on  00 32 479790053  

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