The EU Market Abuse Directive: A Case-Based Analysis

27 Pages Posted: 7 Dec 2007 Last revised: 3 Dec 2008

See all articles by Mathias Siems

Mathias Siems

European University Institute (EUI); University of Cambridge - Centre for Business Research; European Corporate Governance Institute (ECGI)


Since the law on market abuse in EU countries has in recent years become predominantly European-based, it makes sense to address this area of law from a European point of view. However, there is, so far, no European case law on the new market abuse regime. This article therefore uses some hypothetical and real-world examples in order explain the main content and practical problems of the new law. First, it analyses the three main elements of the European market abuse regime, namely; insider dealing, ad-hoc-publicity and market manipulation. Subsequently, the limits to these provisions - including cross-border aspects - are addressed. The final part deals with enforcement issues, in particular the extent to which the law of the Member States remains important.

Keywords: Market Abuse Directive, market abuse, market manipulation, insider dealing, insider trading, securities fraud, ad hoc publicity, buy-back programmes, European securities law

JEL Classification: G10, K14, K22, K42, N2

Suggested Citation

Siems, Mathias, The EU Market Abuse Directive: A Case-Based Analysis. Available at SSRN: or

Mathias Siems (Contact Author)

European University Institute (EUI) ( email )

Via Bolognese 156 (Villa Salviati)
Firenze, 50139


University of Cambridge - Centre for Business Research ( email )

Top Floor, Judge Business School Building
Trumpington Street
Cambridge, CB2 1AG
United Kingdom


European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels


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