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EU abandons plans to regulate Libor in victory for UK

The EU has abandoned plans to bring Libor supervision under the control of the European Securities and Markets Authority in a significant victory for the UK, according to a Financial Times report.

In May Brussels drew up draft proposals for Libor to be supervised through the Paris-based Esma after last year’s rate rigging scandal but the FT says the European Commission has abandoned its plans.

It followed the FCA’s own review into Libor which was published in September. The review set out 10 recommendations to improve the Libor system but suggested keeping Libor UK-based.

In an amended version of Commission’s draft proposals, seen by the FT and due to be published next week, the reforms are watered down so Libor remains regulated by the FCA in London.

But the EU will propose a college of supervisors plays a role in the new system and with Esma given the power to mediate disputes between regulators and firms.

Conservative MPs has attacked the proposals as an EU “power grab” while the Treasury is understood to have fought hard to stop the move.

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