Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-301-750"
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"en.20140204.43.2-301-750"2
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"Following the LIBOR scandal, this legislation will require Member States to impose criminal sanctions on those found guilty of offences such as insider dealing and market manipulation. Establishing EU-wide standards on sanctions – including a minimum 4-year jail sentence – will deter those who carry out market abuse across borders from the country with the most lenient sanctions. The report also states that sanctions should be effective, proportionate and dissuasive, taking account of the profits made or losses avoided, as well as the wider impact on the economy and financial markets. In addition, for the first time, companies will be considered criminally liable for market abuse. Member States will also be required to ensure that law enforcement and judicial authorities have the necessary resources and training to investigate market abuse. This is a first step in ensuring that the sort of gross negligence and recklessness that led to the financial crisis is taken seriously, and I would now like to see the UK opt in to the legislation in full."@en1
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