Elaboration of Regulation in Consequence of the LIBOR Manipulations

Abstract

Not long ago periodicals specializing in the field of law and finance revealed some details of fraudulent actions connected with the London Inter-Bank Offered Rate (LIBOR). In a certain moment it seemed that the scandal with LIBOR manipulations would not lead to any serious reforms, including those of the legal nature, and the outcome would be limited to separate sanctions against several large European and American banks. However, the European Union in full conformity with the purposes of its financial services policy has drafted new regulatory acts which will come into force in the near future and will allow combating more efficiently with various kinds of market abuse.