Control of the Libor benchmark won’t move from London to Paris, according to a draft EU law, the Financial Times reports.
Read: Ex-UBS bosses deny Libor knowledge
It adds supervision of benchmarks, including Libor, was meant to go to the European Securities and Markets Authority in Paris, a European Commission document showed. Instead the commission will promote a college of supervisors made up of representatives from across the EU.
Read: Get rid of Libor, say U.S. regulators
The draft law also no longer states a benchmark administrator or contributor should be liable for losses if they break the law.
Read: More LIBOR settlements on the way
The final plans will be published Sept. 18.
Read more here.