Market Abuse Directive

Council of the EU Announces Political Agreement on the Market Abuse Regulation (MAR)

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On June 26, following long running negotiations, the Council of the EU announced a compromise with the European Parliament on the proposed MAR.

The MAR proposal and the European Commission’s proposed Directive on criminal sanctions for insider dealing and market manipulation (CSMAD) will together revise and replace the current Market Abuse Directive.  Inter alia, the proposals broaden the scope of the regulatory framework to cover new trading exchanges and over-the-counter trading.  Press Release.

Amendments to the Market Abuse Directives – 10 Key Points

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On October 20, the European Commission tabled proposals to revise the Market Abuse Directive (MAD). The proposals seek to address five broad problems with MAD identified by the European Commission: (i) gaps in the regulation of new markets, platforms and OTC trading in financial instruments; (ii) gaps in the regulation of commodities and commodity derivatives; (iii) a current inability on the part of Regulators to enforce MAD; (iv) a lack of legal certainty which is currently undermining the effectiveness of MAD and (v) current administrative burdens placed on small and medium sized companies by MAD. Click here to read more.