Market abuse regime

The Market Abuse (Directive 2003/6/EC) Regulations 2005 transposed the EU Market Abuse Directive (MAD I) into Irish law. As has been widely reported, the current EU market abuse regime is in line for an overhaul. It is anticipated that the implementation of the new proposals may not come into force until 2016.

However, the wide-ranging ramifications of these changes, including criminalisation of certain behaviours, means that companies should take account of the proposed new measures now and begin to adapt their governance and compliance structures accordingly. Otherwise they may find themselves subject to significant administrative or criminal sanctions.

The European Commission began a review of MAD I in 2009, the purpose of which was the strengthening and modernising of the EU market abuse framework. Under the review, the commission considered both the potential for simplification and burden reduction and ensuring greater effectiveness of its market abuse framework in order to respond adequately to any deficiencies that may have arisen (notably during the financial crisis) since the adoption and implementation of MAD I. Following a consultation process, the commission published proposals to replace MAD I with two pieces of legislation…

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