A criminal offense, fulfilling the conditions to meet the definition of a crime.
The outgoing E.U. parliament voted to pass draft rules making it a crime to manipulate interest rates in the European Union. After approval by the Member States, countries will have two years to implement the new rules, and their minimum penalty of at least four years in jail, into national laws. Countries may impose stricter penalties.
The E.U. parliament’s press release said the passed legislation criminalized more than interest rate manipulation:
“The draft rules lay down tougher criminal penalties, including prison terms, for serious market abuses such as unlawful disclosure of information, insider dealing or market manipulation and also inciting, aiding or abetting them.”
“Market manipulation offences punishable by a four-year jail term would include entering into a transaction or placing an order which gives false or misleading signals about the supply, demand or price of one or more financial instruments or providing false or misleading inputs to manipulate the calculation of benchmarks, such as the London Interbank Offered Rate (LIBOR) or Euro Interbank Offered Rate (EURIBOR).
“Insider dealing offences punishable by fouryears’ imprisonment include those in which inside information is used with intent to buy or sell financial instruments or to cancel or amend an order.”
(SHTROFF tot beh SHTOND.)