Gearing up for a new market abuse regime

The EU has just edged closer towards finalising its new market abuse regime, with the European Parliament giving its backing to the political agreement reached on a new Market Abuse Regulation. This is set to replace existing UK civil rules in this area and will not depend on separate implementation by member states.

Exact timing as to when the new rules will bite remains unclear as there are a number of outstanding issues and processes which need to be tackled to bring the draft Regulation into law. These include the finalisation of certain aspects of the Directive on markets in financial instruments (MiFID II) although we do not expect the text of the draft Regulation to change materially.

Despite being billed as a single rulebook, there are a number of other moving parts with some areas in the draft Regulation earmarked as being subject to further EU rules, guidance and standards…

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