Clifford Chance
Italy - Market abuse. What's new?
10 January 2012
On 20 October 2011 the European Commission published legislative proposals – Market Abuse Regulation (MAR) and Market Abuse Directive (MAD2) – to update and strengthen the existing framework for the protection of market integrity introduced by the 2003 Market Abuse Directive (MAD).
The analysis, relating to the evolution of the markets and financial instruments and to the effective implementation of MAD within domestic regulation, has highlighted the need for a common regulatory intervention: preventive, through an update of the MAD alongside a revision of the Markets in Financial Instruments Directive (MiFID) and repressive, through the implementation of enhanced powers for investigative authorities and the harmonization of administrative and criminal sanctions.
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Global Business Magazine, International Business Crime Report 2012
