The Reform of the EU Market Abuse Law: Revolution or Evolution?

The Maastricht Journal of European and Comparative Law, Vol. 19, pp. 195-205, 2012

11 Pages Posted: 10 Apr 2012  

Mathias M. Siems

Durham University - Durham Law School; University of Cambridge - Centre for Business Research

Matthijs Nelemans

Tilburg University, TILEC

Date Written: April 10, 2012

Abstract

This paper discusses whether the forthcoming reform of market abuse law, as proposed by the EU Commission in October 2011, may be seen as a ‘revolution’ or a mere ‘evolution’. Section 1 explains the topicality of regulating market abuse (ie insider dealing and market manipulation), both in the US and the EU. Section 2 analyses to what extent the transformation of the current Market Abuse Directive into a Regulation and the new Directive on criminal sanctions may be regarded as ‘revolutionary’. Section 3 deals with the substantive changes which seem to be more ‘evolutionary’ in updating and improving some aspects of the previous law. In section 4 we briefly discuss our main concerns with the proposed reform.

Keywords: market abuse, insider dealing, market manipulation, market abuse directive, securities regulation

JEL Classification: G38, K22, K42

Suggested Citation

Siems, Mathias M. and Nelemans, Matthijs, The Reform of the EU Market Abuse Law: Revolution or Evolution? (April 10, 2012). The Maastricht Journal of European and Comparative Law, Vol. 19, pp. 195-205, 2012. Available at SSRN: https://ssrn.com/abstract=2037727

Mathias M. Siems (Contact Author)

Durham University - Durham Law School ( email )

Stockton Road
Durham, County Durham DH1 3LE
United Kingdom

HOME PAGE: http://www.dur.ac.uk/mathias.siems

University of Cambridge - Centre for Business Research ( email )

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

HOME PAGE: http://www.cbr.cam.ac.uk/people/research-associates/mathias-m-siems/

Matthijs Nelemans

Tilburg University, TILEC ( email )

Warandelaan 2
Tilburg, 5000 LE
Netherlands

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