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Market Abuse

12.06.2014
Regulation No 596/2014 on market abuse and Directive 2014/57/EU on criminal sanctions for market abuse have been published in the Official Journal of the European Union.
02.06.2014

The Commission sent a mandate to ESMA for advice on an implementing act concerning the Market Abuse Regulationpdf(909 KB) Choose translations of the previous link .

04.02.2014

The European Parliament endorses the Commission’s proposal for a Directive on criminal sanctions for market abuse.

23.10.2013

The Commission sent a mandate to ESMA for advice on possible delegated acts concerning the Market Abuse Regulation.

10.09.2013
The European Parliament endorses the political agreement on new European rules for market abuse
07.12.2012
Market abuse: Justice Ministers agree Commission proposals on criminal sanctions
25.07.2012
Commission adopts amended proposals for a Regulation and for a Directive to prohibit and criminalise manipulation of benchmarks
20.10.2011
Commission adopts proposals for a Regulation on insider dealing and market manipulation (market abuse), and for a Directive on criminal sanctions for insider dealing and market manipulation
28.06.2010

The Commission services are launching a public consultation on the review of the Market Abuse Directive (MAD)

The Commission services have launched a public consultation on the review of the Market Abuse Directive. Its objective is to consult financial market participants, governments, competent authorities and other stakeholders on the modifications to the Market Abuse Directive that the Commission is considering for its forthcoming legislative proposal.

Deadline for responses: 23.07.2010

25.05.2010

Public hearing “Market abuse: promoting deterrence, market integrity and investor protection”

The European Commission (DG Internal Market and Services) held a public hearing on the review of the Market Abuse Directive 2003/6/EC (MAD) on 2 July 2010 in Brussels. The conference brought together senior policy makers, regulators, industry experts and academics.

The hearing was opened by Internal Market and Services Director General, Jonathan Faull. He was joined by Sharon Bowles MEP, Chair of the EP Economic and Monetary Affairs Committee and Carlos Tavares, Vice-Chair of CESR.

Four panels were discussing the main issues in the ongoing review of the MAD:

  • Ensuring comprehensive and appropriate coverage of derivative markets in the MAD
  • Closing the remaining regulatory gaps
  • Strengthening the investigative and sanctioning powers of competent authorities
  • Moving towards a single rulebook/Reducing administrative burdens, especially on SMEs

Practical information

  • Venue: Charlemagne Building, Salle de Gasperi, 170 Rue de la Loi, 1000, Brussels (mappdf Choose translations of the previous link  )
  • Date: 2 July 2010
  • Programme: PDF - 145 KBEnglish
  • Speeches and presentations:
    • Sharon Bowles, Member of the European Parliament, Chair of the EP Economic and Monetary Affairs Committee PDF - 145 KBEnglish
    • Carlos Tavares, Vice-Chair of CESR PDF - 145 KBEnglish
20.04.2009
Commission launched a call for evidence on review of Market Abuse Directive
02.10.2008
Conference on reviewing Market Abuse regime – 12.11.2008, Brussels
28.02.2008
Market Abuse Directive – CESR publishes an executive summary of the Report on Administrative Measures and Sanctions as well as the Criminal Sanctions available in Member States under the Market Abuse Directive. The Report has been prepared in response to the request of the Commission
22.11.2007
In response to the request of the European Commission CESR publishes the ‘Report on Administrative Measures and Sanctions as well as the Criminal Sanctions available in Member States under the Market Abuse Directive’.
29.04.2004
Commission adopts a Directive implementing the Market Abuse Directive
  • Press release
  • Commission Directive 2004/72/EC
    Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers’ transactions and the notification of suspicious transactions
07.04.2004

Insider dealing and market manipulation (revised version)

Formal Commission draft on a second set of measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted for vote of the European Securities Committee (ESC) on 19 April 2004.

03.03.2004

Insider dealing and market manipulation (revised version)

Revised formal Commission draft on a second set of measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted to the European Securities Committee

  • Document ESC 48/2003 Rev.2 - Clean version PDF 63 KBEnglish
  • Document ESC 48/2003 Rev.2 - Track changed version PDF 77 KBEnglish
17.02.2004

Insider dealing and market manipulation (revised version)

Revised formal Commission draft on a second set of measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted to the European Securities Committee

  • Document ESC 48/2003 Rev.1 - Clean version PDF 39 KBEnglish
  • Document ESC 48/2003 Rev.1 - Track changed version PDF 70 KBEnglish
27.01.2004

Insider dealing and market manipulation (market abuse)

Formal Commission draft on second set of measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted to the European Securities Committee

  • Document ESC48/2003 - Formal Commission draft PDF 49-200 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
07.01.2004

Insider dealing and market manipulation (market abuse)

Commission adopts first implementing measures

  • Press release
  • Commission Directive 2003/124/EC of 22.12.2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation
  • Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest
  • Commission Regulation (EC)2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments
10.11.2003

Insider dealing and market manipulation (market abuse)

DG Internal Market Services’ working document on the implementation of Article 1 paragraphs 1 and 2 and Article 6 paragraphs 3, 4 and 9 of the European Parliament and Council Directive 2003/6/EC.

31.10.2003

Insider dealing and market manipulation

Measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, as agreed within the European Securities Committee (ESC) on 29 October 2003.

  • Working Document ESC 22/2003 - Final version PDF 30-161 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
  • Working Document ESC 23/2003 - Final version PDF 42-210 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
  • Working Document ESC 24/2003 - Final version PDF - 43-193 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
22.10.2003

Insider dealing and market manipulation (revised version)

Formal Commission drafts on measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted for vote of the European Securities Committee (ESC) on 29 October 2003

  • Working Document ESC 22/2003 - Rev. 2 PDF - 30 - 161 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
  • Working Document ESC 23/2003 - Rev. 2 PDF - 43- 193 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
  • Working Document ESC 24/2003 - Rev. 2 PDF - 44 - 212 KBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
10.09.2003

Insider dealing and market manipulation (revised version)

Revised formal Commission drafts on measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted to the European Securities Committee (ESC)

  • Working Document ESC 22/2003 - Rev. 1 PDF - 31 KBEnglish
  • Working Document ESC 23/2003 - Rev. 1 PDF - 41 KBEnglish
  • Working Document ESC 24/2003 - Rev. 1 PDF - 45 KBEnglish
09.07.2003

Insider dealing and market manipulation

Formal Commission drafts on measures implementing the European Parliament and Council Directive 2003/6/EC on insider dealing and market manipulation, submitted to the European Securities Committee (ESC) for vote

  • Working Document ESC 22/2003 PDFCastellanoDanskDeutschEllinikaEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
  • Working Document ESC 23/2003 PDFCastellanoDanskDeutschEllinikaEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
  • Working Document ESC 24/2003 PDFCastellanoDanskDeutschEllinikaEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
10.03.2003

Insider dealing and market manipulation (market abuse)

DG Internal Market Services’ working documents on the implementation of Articles 1 and 6 paragraphs 1 and 2, Article 6 paragraph 5 and Article 8 of the European Parliament and Council Directive 2003/6/EC.

  • Press Release
  • Document ESC 12/2003 PDF - 32 KBEnglish
    Working document on the implementation of Article 1 and Article 6 paragraphs 1 and 2 of the Directive 2003/6/EC
  • Document ESC 13/2003 PDF - 40 KBEnglish
    Working document on the implementation of Article 6 paragraph 5 of the Directive 2003/6/EC
  • Document ESC 14/2003 PDF - 45 KBEnglish
    Working document on the implementation of Article 8 of the Directive 2003/6/EC
17.01.2003
Formal Request for Technical Advice on Possible Implementing Measures on the Directive on Insider Dealing and Market Manipulation PDF - 9 KBEnglish
13.01.2003
  • CESR’s Advice on Level 2 Implementing Measures for the proposed Market Abuse Directive
    PDFEnglish
  • CESR Market Abuse Consultation - Feedback Statement on CESR’s advice on Level 2 Implementing Measures for the proposed Market Abuse Directive
    PDFEnglish
  • CESR’s letter confirming that its final advice to the Commission is to be considered as definitive
    PDFEnglish
03.12.2002
Commission welcomes Council’s adoption of Market Abuse Directive
24.10.2002
Commission welcomes European Parliament approval of proposed Market Abuse Directive
27.03.2002
Provisional Request for Technical Advice on Possible Implementing Measures on the future Directive on Insider Dealing and Market Manipulation
PDF - 21 KBEnglish
07.05.2002
Commission welcomes Council agreements on Market Abuse and Financial Conglomerates Directives
30.05.2001
Commission proposes Directive on insider dealing and market manipulation