Capital Markets & Financial Regulation News – February 2015- Market Abuse
The new European legislation
- The updated regulatory framework comes along with “European”
criminal sanctions
“…trading on all platforms and of all financial
instruments will now be covered by market abuse
legislation…”
The initial regime set by the Market Abuse Directive
2003/6/EC (“MAD”), transposed into Greek Law
3340/2005, is now replaced by two new European
legal texts: a pan-European “hard law” Regulation
(Regulation No 596/2014 on market abuse -“MAR”)
and a new Directive (Market Abuse Directive
2014/57/EU- “MAD II”) introducing criminal sanctions
for Market Abuse.
The MAD prohibited, in brief:
x “Insider dealing”: misuse of inside information in
transactions in financial instruments or relevant
recommendations, as well as unlawful disclosure
of inside information.
and
x “Market manipulation”: the conducting of
transaction activity or other related in such
instruments with a fictitious effect on market
prices and volumes including also spreading of
false information or rumors for the issuers and
markets concerned.
However, a number of issues, as identified by the
European Commission, had to be further addressed
including: gaps in regulation of commodities and
commodities derivatives (e.g. in the energy markets),
increased globalization of financial markets giving rise
to new trading platforms and technologies not covered
by MAD (e.g. OTC trading), highly divergent national
regimes, costly administrative burdens for SMEs and others.
Thus, MAD is now replaced by the new MAR
and MAD II on criminal sanctions.
- Executive Summary
- What’s new!
- Towards a “Europeanization” of criminal sanctions in financial services?
- Offences subject to criminal sanctions and exceptions
- What about administrative sanctions?
- Greek transposition in progress
ATHEXClear Rulebook
- The new Rulebook of the ATHEX Securities Markets
- The new Rulebook under EMIR
- Why was EMIR Regulation introduced?
- Major changes in the ATHEX Securities Market
- All in all…
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