Towards a Uniform European Capital Markets Law: Proposals of the Commission to Reform Market Abuse
Bucerius Law School Working Paper No. 1/2012
25 Pages Posted: 4 Feb 2012
Date Written: February 2, 2012
Abstract
The European Union has had a uniform legal framework to combat market abuse since 2003. These provisions are to be reformed. In October 2011, the European Commission presented proposals for a Regulation on Insider Dealing and Market Manipulation and a Directive on Criminal Sanctions. This paper analyses the drafts and puts them in context. It also looks at the Commission’s stated aim to strengthen the market abuse regime and give it a more European emphasis. The proposals could represent a further move towards codification of European capital markets law.
Keywords: Securities Regulation, Insider Dealing, Market Manipulation, Disclosure of Inside Information, ESMA
JEL Classification: K22, K33
Suggested Citation: Suggested Citation