Treasury Committee Publishes LIBOR Report

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On August 18, the Treasury Select Committee (TSC) published its report “Fixing LIBOR: some preliminary findings“. Volume I (Report). Volume II (Oral and Written Evidence).

As well as conclusions relating to the conduct of Barclays and the FSA’s LIBOR investigation, the report also includes a number of points of general regulatory interest including:

  • Firms must be encouraged also to self-report.
  • The committee requires the FSA to report to it on how it will alter its supervisory efforts to counter weak compliance by firms in future.
  • Wheatley (FSA) review should consider the case for amending the present law by widening the meaning of market abuse to include the manipulation, or attempted manipulation of LIBOR and other benchmark rates.
  • A formal and comprehensive framework needs to be put in place by the Serious Fraud Office (SFO) to ensure effective relations in the investigation of serious fraud in the financial markets.

The BoE submitted a response to the report on August 18. Response.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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