Libor to stay under London’s control

Control of the Libor benchmark won’t move from London to Paris, according to a draft EU law, the Financial Times reports.

Read: Ex-UBS bosses deny Libor knowledge

It adds supervision of benchmarks, including Libor, was meant to go to the European Securities and Markets Authority in Paris, a European Commission document showed. Instead the commission will promote a college of supervisors made up of representatives from across the EU.

Read: Get rid of Libor, say U.S. regulators

The draft law also no longer states a benchmark administrator or contributor should be liable for losses if they break the law.

Read: More LIBOR settlements on the way

The final plans will be published Sept. 18.

Read more here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.