Newsletter: December 2010: EU Commission wants convergent sanctions

BRUSSELS – Plans to reinforce sanctioning regimes in the EU’s financial sector are being considered by the European Commission, which issued a “communication” in early December setting out possible ways to achieve its goal. Today, rules vary greatly between EU member countries, and often do not serve as an effective deterrent, argues the Commission. It wants greater convergence and efficiency of these regimes. The objective is not, the Commission insists, to increase its own powers to impose penalties.