On Friday 12 August, the European Commission announced that it had put EURIBOR, the Euro Interbank Offered Rate, on the list of critical benchmarks subject to increased requirements under Regulation 1016/1011 reinforcing governance in setting these benchmarks.
This regulation, on which the European Parliament and the Council of the EU reached agreement in November 2015 (see EUROPE 11439), was proposed in 2013 following the scandal of the manipulation of EURIBOR and of the London Interbank...