The Market Abuse Directive Disclosure Regime in Practice: Some Margins for Future Actions

Rivista delle Società, No. 4/2009, 2009

39 Pages Posted: 10 Jun 2009  

Carmine Di Noia

ASSONIME

Matteo Gargantini

CONSOB (Commissione Nazionale per le Società e la Borsa)

Date Written: June 10, 2009

Abstract

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.

Suggested Citation

Di Noia, Carmine and Gargantini, Matteo, The Market Abuse Directive Disclosure Regime in Practice: Some Margins for Future Actions (June 10, 2009). Rivista delle Società, No. 4/2009, 2009. Available at SSRN: https://ssrn.com/abstract=1417477

Carmine Di Noia (Contact Author)

ASSONIME ( email )

Piazza Venezia 11
ROMA, 00187
Italy

Matteo Gargantini

CONSOB (Commissione Nazionale per le Società e la Borsa) ( email )

via GB Martini, 3
Roma 00198
Italy

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