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(Sep 13, 2013) On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Markets Manipulation, EUROPEAN PARLIAMENT/NEWS (Sept. 9, 2013).)The initial proposal, which was drafted in 2011 by the European Commission, was designed to replace Directive 2003/6/EC on Insider Dealing and Market Manipulation (Market Abuse), in an effort to restore investor confidence and protect market integrity, which had been affected by the global financial crisis. (Proposal for a Regulation of the European Parliament and of the Council on Insider Dealing and Market Manipulation (Market Abuse), COM(2011) 651 final, EUROPA (Oct. 20, 2011).)The proposal has a broader scope than Directive 2003/6/EC and regulates a variety of financial instruments, including instruments that may be traded in a multilateral trading facility and other new types of organized trading facilities. It also reclassifies emission allowances as financial instruments to ensure that they fall within its scope. For this purpose, it introduces a specific definition of inside information for emission allowances. (
There is still much to do in restoring the trust and confidence in banks and the financial services industry. We must get the real economy moving again and make sure consumers are protected in the financial services sector. We are sending a clear signal that the EU is not a soft option or safe haven for perpetrators of market abuse. (
|Author:||Theresa Papademetriou More by this author|
|Topic:||Banks and financial institutions More on this topic|
|Securities More on this topic|
|Jurisdiction:||European Union More about this jurisdiction|
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Last updated: 09/13/2013