Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-289-968"
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"en.20140204.43.2-289-968"2
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"I welcome the adoption of the Market Abuse Directive, which establishes for the first time European-wide criminal sanctions against white-collar crimes such as insider dealing, the unlawful disclosure of inside information and market manipulation. This directive establishes European-wide criminal sanctions including fines and imprisonment of four years for insider dealing/market manipulation and two years for the unlawful disclosure of inside information. It explicitly bans the manipulation of benchmarks, such as Euribor and Libor, which can result in significant losses for consumers and distort the real economy. While we did have to compromise with the Member States on some parts, the directive will make sure that those who commit market abuse will face huge fines or jail terms. It will no longer be possible to get away with administrative sanctions. Member States will be free to introduce tougher sanctions if they so wish. In transposing this directive into national law by mid-2016, I would urge all Member States to avail themselves of the option to also include offences involving recklessness or serious negligence. I would also urge the UK to opt in to this legislation so that the sanctions it provides will apply in Northern Ireland."@en1
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