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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/rulebreaking-banks-must-be-fined.jpg"><img class="alignnone size-full" title="Banks breaking European rules should face multimillion-pound fines, it is suggested" src="http://londonglossy.com/wp-content/uploads/2010/12/min-rulebreaking-banks-must-be-fined.jpg" alt="Banks breaking European rules should face multimillion-pound fines, it is suggested"/></a></p>
<p>Banks and other financial services bodies breaking Europe&#8217;s new economic supervision rules should face UK-style multimillion-pound fines, Europe&#8217;s single market chief Michel Barnier said.</p>
<p>He called for harmonised minimum penalties for market rigging and manipulation &#8211; citing the UK&#8217;s Financial Services Authority as the benchmark for such sanctions.</p>
<p>Mr Barnier, expected to produce formal proposals next year, said the problem was that current national penalties varied hugely across the EU &#8211; from just 150,000 euro (£127,000) to a few millions.</p>
<p>&#8220;We are dealing with something to do with whether people are respecting regulations, and if they are not, something needs to be done,&#8221; he told a press conference in Brussels.</p>
<p>&#8220;We need good regulations which are respected, reinforced by harmonised penalties.</p>
<p>&#8220;There is a risk from financial institutions that do not respect the rules of the market place. Traders and those responsible must realise that they will be hit hard if there is malpractice.&#8221;</p>
<p>Mr Barnier said about seven EU countries currently hand out fines for financial malpractice which are around 150,000 euro, while some others impose sanctions of several million.</p>
<p>But the UK FSA recently imposed a fine of £17 million for &#8220;non-transmission of information to supervisory authorities in the banking sector&#8221;.</p>
<p>Mr Barnier went on: &#8220;So we are going to work hard at co-ordination. Member states will have some flexibility when it comes to applying sanctions. But there are good reasons for setting minimum sanctions on key issues so that they have a dissuasive effect&#8221;.</p>
<p>The UK sanctions regime is considered the toughest in the EU. Mr Barnier was referring to a fine of £17.5 million recently levied by the FSA on Goldman Sachs for failure to reveal that it was under investigation by the American authorities.</p>
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