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ARTICLE · 01 FEBRUARY 2012

EC Proposes New Rules On Market Manipulation And Insider Dealing

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

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The European Commission published a proposal for a regulation on insider dealing and market manipulation to replace the current Market Abuse Directive on 20 October 2011.

European UnionAntitrust/Competition Law
Patrick Ploeger
Patrick Ploeger
Marnix Somsen
Marnix Somsen
Roan Lamp
Roan Lamp
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The European Commission published a proposal for a regulation on insider dealing and market manipulation to replace the current Market Abuse Directive on 20 October 2011. The new regulation is designed to strengthen supervisors' investigative and sanctioning powers, help fight market abuse in the commodities and derivatives markets, and promote that regulation keeps up with market developments.

The key changes are:

  • the scope of the rules will be extended to financial instruments that are only traded on new platforms such as multilateral trading facilities and organised trading facilities, and also to over-the-counter trade
  • the proposal clarifies which high-frequency trading strategies (HFT) fall under the prohibition against market manipulation

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