Database on German and European Economic Law

 Directive 2014/57/EU

I. Description

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market integrity and investor protection provided by the existing  Market Abuse Directive (2003/6/EC) which will now be repealed.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).

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II. General Information

Title

Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for  market abuse

Abbreviations
market abuse directive, MAD
Status
Existing
Directive
2014/57/EU
Source
O.J. EU No L (Legislation), Edition 173, Year 2014, p.179
Adoption
04/16/2014
Promulgation
06/12/2014
Character
Regular Act
Legal Basis
Art. 83 Abs. 2 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text market abuse directive, MAD:
Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for  market abuse

  2014/57/EU

Beschluss:
04/16/2014 (A)
Verkuendung:
06/12/2014 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
Proposal
COM(2012) 420 final
03/28/2012
Opinion of the European Economic and Social Committee
ABL 2012/C 181/64
03/22/2012
Opinion of the European Central Bank
ABL 2012/C 161/ 3
02/10/2012
Opinion of the European Data Protection Supervisor
ABL 2012/C 177/1
10/20/2011
Proposal
COM(2011) 654 final

3. Comments

Datum
Stellungnahme
Textfassungen
05/04/2012
Deutscher Anwaltverein (DAV)
Comment on: Kommissionsvorschlag
01/09/2012
Centrum für Europäische Politik (CEP)
Comment on: Kommissionsvorschlag
12/16/2011
Der Deutsche Bundesrat (BR Drs. 646/11(B))
Comment on: Kommissionsvorschlag
12/06/2011
Deutsches Aktieninstitut (DAI)
Comment on: Kommissionsvorschlag

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

2. Implementation in other Member States

LOI n° 2016-819 du 21 juin 2016 réformant le système de répression des abus de marché (Article 1er)

76. Bundesgesetz, mit dem das Börsegesetz 1989, das Wertpapieraufsichtsgesetz 2007, das Investmentfondsgesetz 2011 und das Übernahmegesetz geändert werden

Loi du 23 décembre 2016 relative aux abus de marché et portant: 1. mise en oeuvre du règlement (UE) n° 596/2014 du Parlement européen et du Conseil du 16 avril 2014 sur les abus de marché (règlement relatif aux abus de marché) et abrogeant la directive 2003/6/CE du Parlement européen et du Conseil et les directives 2003/124/CE, 2003/125/CE et 2004/72/CE de la Commission; 2. transposition de: a) la directive 2014/57/UE du Parlement européen et du Conseil du 16 avril 2014 relative aux sanctions pénales applicables aux abus de marché (directive relative aux abus de marché); b) la directive d’exécution (UE) 2015/2392 de la Commission du 17 décembre 2015 relative au règlement (UE) n° 596/2014 du Parlement européen et du Conseil en ce qui concerne le signalement aux autorités compétentes des violations potentielles ou réelles dudit règlement; 3. modification de la loi modifiée du 11 janvier 2008 relative aux obligations de transparence des émetteurs; et 4. abrogation de la loi modifiée du 9 mai 2006 relative aux abus de marché

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Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
2. Implementation in other Member States