The Reform of the EU Market Abuse Law: Revolution or Evolution?
Mathias M. Siems
Durham University - Durham Law School; University of Cambridge - Centre for Business Research
Tilburg University, TILEC
April 10, 2012
The Maastricht Journal of European and Comparative Law, Vol. 19, pp. 195-205, 2012
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.
Number of Pages in PDF File: 11
Keywords: market abuse, insider dealing, market manipulation, market abuse directive, securities regulation
JEL Classification: G38, K22, K42
Date posted: April 10, 2012