Member States have two years to transpose the Directive on criminal sanctions for market abuse into their national law. The new rules on market abuse update and strengthen the existing framework to ensure market integrity and investor protection provided by the existing Market Abuse Directive (2003/6/EC) which will now be repealed.
The Directive on criminal sanctions for market abuse ( Market Abuse Directive) complements the Market Abuse Regulation by requiring all Member States to provide for harmonised criminal offences of insider dealing and market manipulation, and to impose maximum criminal penalties of not less than 4 and 2 years imprisonment for the most serious market abuse offences. Member States will have to make sure that such behaviour, including the manipulation of benchmarks, is a criminal offence, punishable with effective sanctions everywhere in Europe.
This Directive is accompanied by Regulation No 596/2014 ( Market Abuse Regulation).
Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse
- market abuse directive, MAD
- 官方. 版本
- 公告. EU 号. L (Legislation), 公布 173, 年 2014, S.179
- Art. 83 Abs. 2 AEUV
- Codecision procedure
COM(2012) 420 final
ABL 2012/C 181/64
ABL 2012/C 161/ 3
ABL 2012/C 177/1
COM(2011) 654 final