THE SUNDAY TELEGRAPH: Financiers accused of skulduggery could become subject to criminal sanctions under laws set to be proposed by the president of the European Commission.
Jose Manuel Barroso has said he will this week propose “individual criminal responsibility for financial players to be recognised in European law”.
The plans for an EU-wide directive would focus on curbing high frequency trading.
“We have seen abusive behaviour, and some of this caused the current crisis. We are going to clamp down on these practices,” Mr Barroso told Le Parisien. “Those who violate the rules will face criminal penalties. This will be a first in European legislation and a strong signal.”
The Commission will invoke new powers under Article 83 of the Lisbon Treaty allowing the EU to impose minimum rules and sanctions on member states when needed “to ensure the effective implementation” of EU policies.
The clause allows the EU to broaden the European Arrest Warrant beyond limited areas such as terrorism, drug-trafficking, and money-laundering to softer crimes if they have a “cross-border dimension”. Read on and comment » | Ambrose Evans-Pritchard | Sunday, October 16, 2011
Thank God for someone like Barroso. At least he speaks for the people. The UK government won't act. The US government won't act. It looks as if the European government is willing to act. Let them do so! The banksters need to have their wings clipped. I'm all for it. I am foursquare behind Barroso. More power to him! – © Mark
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