The Market Abuse Directive ("MAD") was adopted as law
on 28th January 2003 and was accompanied, in due course, by a
number of European implementing measures as well. Article 17
of MAD provided for review of the Directive once the Directive had
been in force for 4 years. However, as yet, there has been no
major published European Commission review of the Directive.
Behind the scenes the European Commission has been collecting
information about the operation of the Directive and it is expected
to make recommendations for changes to it. The Commission is
holding a major conference on this topic in Brussels on 2nd July
2010 at which Michael McKee of DLA Piper will be speaking.
The main additional material relating to the Directive which has
been published since the Directive and the Implementing Measures
became law has been three sets of CESR guidelines together with
descriptions of certain "accepted market
practices". All of these documents can be found on
CESR's
