European Union lawmakers clinched a deal on jail sentences for market manipulation and insider dealing, giving judges the power to send the worst offenders to prison for at least four years.
Bloomberg reports that nations would also be obliged to ensure that their longest available prison sentences for improper disclosure of information are at least two years, according to a statement on the deal published by the European Parliament.
'The deal reached today is a major step forward in ensuring market abuse is tackled across the EU,' Arlene McCarthy, the EU parliament’s lead lawmaker on the file, said in the statement.
EU regulators fined six companies a record $2.3bn this month for rigging interest rates linked to the London Interbank Offered Rate, or Libor, taking global fines linked to the scandal to more than $6bn.
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