Companies convicted of market abuse could face fines up to 15 percent of their annual turnover, under tough new penalties for financial manipulation approved by European Parliament this week.
The market abuse directive applies to manipulating financial markets, insider dealing, and abuse of inside information. Companies now will face fines of at least 15 percent of their annual turnover or €15 million. Individuals will face fines of at least €5 million and possible temporary or permanent bans on holding certain jobs within investment firms.
