The Market Abuse Directive Disclosure Regime in Practice: Some Margins for Future Actions
Carmine Di Noia
CONSOB (Commissione Nazionale per le Società e la Borsa)
June 10, 2009
Rivista delle Società, No. 4/2009, 2009
The paper provides an analysis of some of the major problems which have emerged in the aftermath of the Market abuse directive (MAD) implementation and makes some proposals for the revision of the MAD regime with respect to issuers obligations. After briefly describing the MAD regulatory framework, the paper deals with the topic of the single notion of inside information in the context of issuers’ disclosure obligations and the delay in the disclosure of inside information, as well as with rumours and directors’ dealings. The problem of safe harbours and accepted market practices is then debated.
The overall results of the analysis show that, in spite of the intended setting of a coherent European regulation on issuers’ and intermediaries’ duties, some further actions are still needed in order to reach a thorough harmonisation across the EU.
Number of Pages in PDF File: 39Accepted Paper Series
Date posted: June 10, 2009
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