Market Abuse Directive

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Directive 2014/57 / EU

Title: Directive 2014/57 / EU of the European Parliament and of the Council of April 16, 2014 on criminal penalties for market manipulation
Designation:
(not official) 		Market Abuse Directive
Scope: European Union
Legal matter: Capital market law , competition law
Procedure overview: European Commission
European Parliament
IPEX Wiki
Date of issue: April 16, 2014
Release date: June 12, 2014
Come into effect: 2nd July 2014
To be
implemented in national law by: 		3rd July, 2016
Full text Consolidated version (not official)
basic version
The regulation must have been implemented in national law.
Please note the information on the current version of legal acts of the European Union !

The Market Abuse Directive , full name Directive 2014/57 / EU of the European Parliament and of the Council of April 16, 2014 on criminal sanctions for market manipulation - Market Abuse Directive (abbreviation MMR , English abbreviation MAD for Market Abuse Directive ) is a directive according to Art. 83 para. 2 TFEU for the approximation of certain criminal law provisions in the EU member states.

Like the Market Abuse Regulation (MMVO), it is based on recommendations in the De Larosière report .

History of origin

With Directive 2003/6 / EC of the European Parliament and of the Council, the legal framework of the Union for the protection of market integrity was completed and updated. According to this Directive, Member States had to ensure that the competent authorities have the necessary powers to detect and investigate market abuse. Without prejudice to the right of Member States to impose criminal sanctions, Member States had to ensure that administrative measures or administrative sanctions ( fines ) could be imposed on those responsible for breaches of the national provisions transposing the Directive .

However, the introduction of administrative sanctions by the Member States had not proven sufficient to ensure compliance with the rules on preventing and combating market abuse. The Market Abuse Directive is therefore intended to support compliance with the provisions on market abuse by introducing criminal sanctions, which make social disapproval clearer than administrative sanctions.

content

While the Market Abuse Regulation defines prohibited insider trading , the unlawful disclosure of inside information and market manipulation in a uniform and binding manner across the EU, the Market Abuse Directive contains minimum provisions for criminal penalties in the event of violations. The member states should create the necessary legal regulations to ensure that insider dealing, the recommendation to third parties or the inciting of third parties to engage in insider dealing, at least in serious cases and if there is intent , are prosecuted not only as an administrative offense but as a criminal offense .

implementation

With the First Financial Market Amendment Act - 1. FiMaNoG of June 30, 2016, which came into force on July 2, 2016, the Market Abuse Directive was implemented in German law. The Securities Trading Act , the Banking Act and the Stock Exchange Act were changed .

Web links

Individual evidence

  1. ↑ Directive 2014/57 / EU of the European Parliament and of the Council of April 16, 2014 on criminal penalties for market manipulation , accessed on January 12, 2019
  2. ↑ Directive 2003/6 / EC . In: Official Journal of the European Union . L, No. 96, April 12, 2003, pp. 16-25.
  3. ↑ cf. Recitals 2, 5 and 6 of the Market Abuse Directive
  4. ^ First law to amend financial market regulations based on European legal acts (First Financial Market Amendment Act - 1. FiMaNoG), Federal Law Gazette 2016 I p. 1514 .
  5. ↑ BT-Drs. 18/7482 of February 8, 2016.
  6. ↑ The new world of European market abuse law. An overview from a German and a Luxembourg perspective GSK update, July 20, 2016.