The EU Market Abuse Directive: A Case-Based Analysis
Mathias M. Siems
Durham University - Durham Law School; University of Cambridge - Centre for Business Research
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.
Number of Pages in PDF File: 27
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
Date posted: December 7, 2007 ; Last revised: December 3, 2008