Market Abuse Regulation ,In October 2011

In October 2011, the European Commission published its proposal for a new Market Abuse
Regulation. This regulation, which has not yet been finalised, is intended to update and
strengthen the existing framework to prohibit insider trading and market manipulation under
the current Market Abuse Directive by including all financial instruments which are traded on
organised platforms and OTC, and adapting rules to new technology.

The manipulation of benchmarks such as LIBOR will be explicitly outlawed, market abuse occurring across both
commodity and related derivative markets will be prohibited, and cooperation between
financial and commodity regulators is to be reinforced.