The European Commission recently presented drafts for a complete
revision of the market abuse regime. The aim is to considerably
extend and tighten the applicable provisions regulating the ban on
insider trading, ad-hoc disclosure, directors' dealings and the
prohibition of market manipulation. An overview of the most
important aspects is given by Falk Osterloh, Junior Partner at
Oppenhoff & Partner.
A new regulation of the Market Abuse Directive (MAD) dated 2003
has already been the subject of intense discussion for some time.
The new regulation is to take the form of an EU Regulation (Market
Abuse Regulation (MAR) [Marktmissbrauchsverordnung, MMV]).
Because EU Regulations have direct applicability in the Member
States, this would leave individual countries with no further
leeway of their own regarding its implementation. This should
prevent regulatory arbitrage between the trading venues and
represents a further step towards a uniform pan-EU capital market
law.
