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Clifford Chance

Market Abuse: European Commission proposes new EU regime

Client Briefing

20 October 2011

The European Commission has now published its formal legislative proposals for a new Market Abuse Regulation (MAR) and a new Market Abuse Directive (MAD2) to replace the 2003 Market Abuse Directive (MAD). The new Regulation seeks to create a single, directly applicable EU-wide rulebook for market abuse enforced by national administrative sanctions, while the new Directive would require all Member States to introduce criminal sanctions for intentional insider dealing and market manipulation. The new regime would also broaden the coverage of the EU rules in a number of ways, in particular for instruments traded on trading facilities other than regulated markets and for emissions allowances and commodities.

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Market Abuse: European Commission proposes new EU regime

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