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EU: National vs. EU LIBOR regulation stirs controversy

By  |  June 6, 2013
EU: National vs. EU LIBOR regulation stirs controversy

As reports have emerged that European regulators are looking to possibly take over the supervision of LIBOR and other financial benchmarks, antitrust experts are raising concerns that the move is likely to clash with British regulators who are currently spearheading the LIBOR scandal case now. According European financial lawmaker Sharon Bowles, the move is “intrusive” to British authorities and will likely change before approved into law. Bowles, who heads the EU Parliament’s economic and monetary affairs committee, told reporters that there will be much “sensitivity” regarding the proposed legislations, which would not likely come into effect before 2014. The EU’s proposals will not only focus on LIBOR, but will also look to prevent other benchmark manipulations such as those that delegate the prices of oil and commodities.

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