Market Abuse Regulation

Market Abuse Regulation

Learn the key features of this revised regulation.

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Market Abuse Regulation

The next step in the EU's move to clamp down on insider dealing takes place on 3 July 2016 when the EU Market Abuse Regulation and the Criminal Sanctions Directive for Market Abuse come into effect.

Background

In 1989 the EEC enacted a Directive prohibiting Insider Dealing. Up to that point only three of the then twelve Member States had a statutory prohibition of the practice.

27 years on and the insider dealing regime has developed significantly, and the next step in the EU’s move to clamp down on this practice will come on 3 July 2016 when the EU Market Abuse Regulation (MAR) and the Criminal Sanctions Directive for Market Abuse (CSMAD) come into effect.

MAR will replace the existing Market Abuse Directive (2003/6/EC) – generally known as the ‘2003 Directive’. It takes immediate binding legal effect on 3 July, and will require Ireland to enhance its existing Regulations to give full effect to the regime.

CSMAD will complement MAR and will require all Member States to provide for harmonised criminal market abuse offences, such as insider trading, market manipulation and the manipulation of benchmarks. It provides for maximum prison terms of not less than four years for insider dealing and market manipulation and not less than two years for unlawful disclosure of inside information.

Learn the key features of this revised regulation and how these key changes might impact you and your business.

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