Proposal for a new directive on criminal sanctions for market abuse

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Following the compromise reached between the European Council and the European Parliament on 20 December 2013, the Parliament has approved the proposal for a new directive on criminal sanctions for market abuse (MAD) on 4 February 2014.

This new directive proposal would require member states to provide in their national legislation for criminal sanctions related to: (i) insider dealing; (ii) market manipulation; and (iii) unlawful disclosure of inside information. Inciting, aiding and abetting such criminal offences would also be punishable. In order to ensure that the sanctions are effective and dissuasive, the MAD provides minimum levels for the maximum terms of imprisonment (between two and four years) and ensures that legal persons can be held responsible…

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