Directive 2014/57/EU on criminal sanctions for market abuse
Produced in partnership with Ms Alison Geary of WilmerHale

The following Financial Services practice note produced in partnership with Ms Alison Geary of WilmerHale provides comprehensive and up to date legal information covering:

  • Directive 2014/57/EU on criminal sanctions for market abuse
  • Background
  • Focus
  • Effect of the new market abuse regime in the UK
  • Overview
  • Minimum rules for criminal sanctions
  • Criminal sanctions for 'serious' market abuse offences
  • Insider dealing, market manipulation and unlawful disclosure
  • When is insider dealing or unlawful disclosure ‘serious’?
  • When is market manipulation ‘serious’?
  • More...

Directive 2014/57/EU on criminal sanctions for market abuse

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background

The Market Abuse Directive (2003/6/EC, commonly referred to as 'MAD') was adopted in 2003 and established a legal framework throughout the European Union (EU) to protect market integrity against instances of insider dealing and market manipulation.

Following the widespread damage caused by the financial crisis however, a review into the effectiveness of MAD was undertaken which led to the European Commission (Commission) proposing that MAD be repealed and replaced.

As a result, on 12 June 2014 the text of two new legislative tools was published in the Official Journal of the European Union:

  1. Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation), and

  2. Directive 2014/57/EU on criminal sanctions for market abuse (variously referred to as CSMAD or the Directive)

Taken together, the Market Abuse Regulation and CSMAD replaced MAD and introduced a new market abuse regime across the EU that encompasses a wider range of markets, products and

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