On February 4, the European Parliament published a press release reporting that it had voted at its plenary session to adopt the proposed directive on criminal sanctions for insider dealing and market manipulation (CSMAD). The CSMAD, together with the proposed regulation on insider dealing and market manipulation (MAR), make up the MAD II legislative proposals that will replace the Market Abuse Directive (2003/6/EC) (MAD).

The European Commission has welcomed the Parliament’s adoption of the rules in a press release and has published a set of frequently asked questions on CSMAD.

Following adoption by the Council of the EU and publication (expected in June 2014), member states will have two years to implement the CSMAD. Press Release EU Parliament.  Press Release EU Commission.  CSMAD FAQs