Some LIBOR-Related Government Investigations

1) Commodity Futures Trading Commission (CFTC) – CFTC Orders Barclays to pay $200 Million Penalty for Attempted Manipulation of and False Reporting concerning LIBOR and Euribor Benchmark Interest Rates – Release: PR6289-12 (June 27, 2012)    

2) Department of Justice (DoJ – U.S.) – Barclays Bank PLC Admits Misconduct Related to Submissions for the London Interbank Offered Rate and the Euro Interbank Offered Rate and Agrees to Pay $160 Million Penalty (June 27, 2012) 

See also: the Barclays Bank PLC June 26, 2012 Non-Prosecution Agreement.

And see the Barclays Bank PLC June 26, 2012 Non-Prosecution Agreement here.

3) RBS Securities Japan Limited Agrees to Plead Guilty in Connection with Long-Running Manipulation of Libor Benchmark Interest Rates: Second Financial Institution to Plead Guilty to Libor Fraud and Pay Substantial Criminal Penalties; RBS Parent Company Also Admits Fault in Deferred Prosecution Agreement (February 6, 2013)

See also: CFTC Orders The Royal Bank of Scotland plc and RBS Securities Japan Limited to Pay $325 Million Penalty to Settle Charges of Manipulation, Attempted Manipulation, and False Reporting of Yen and Swiss Franc LIBOR (Release: PR6510-3) (February 6, 2013)

And see: RBS fined £87.5 million for significant failings in relation to LIBOR (FSA/PN/011/2013) (February 6, 2013)

4) Financial Services Authority (FSA – U.K.) – Final Notice (June 27, 2012) (Barclays fined £59.5  million for acting “inappropriately and breached Principle 5 on numerous occasions between January 2005 and July 2008 by making US dollar LIBOR and EURIBOR submissions which took into account requests made by its interest rate derivatives traders”)

SEE ALSO: FSA finalises proposals for the regulation and supervision of benchmarks
FSA/PN/029/2013
25 Mar 2013

The Financial Services Authority (FSA) has finalised new rules and regulations for financial benchmarks. This follows the recommendations of the Wheatley Review of the London Inter-Bank Offered Rate (LIBOR).

5) H.M. Treasury (HMT – U.K.) – [DRAFT] The Wheatley Review of LIBOR (August 2012)

See also Association of Corporate Treasurers (ACT – U.K.): The Wheatley Review of LIBOR – ACT response (September 5, 2012)

[FINAL] The Wheatley Review of LIBOR (September 2012)

6) Independent Commission on Banking (ICB – U.K.) – Final Report (September 2011)

See also Opening Remarks by Sir John Vickers (September 12, 2010)

7) House of Lords & House of Commons “Changing banking for good: Report of the Parliamentary Commission on Banking Standards (U.K.) (June 19, 2013) – see:

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