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法律指令 2003/6/EG

 

I. 基本信息

标题

Directive  2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation

缩写 market abuse
状态: 废除
描述

Since the objective of the proposed action, namely to prevent  market abuse in the form of insider dealing and market manipulation, cannot be sufficiently  achieved by the Member States and can therefore, by reason of the scale and effects of the measures, be better achieved at Community level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty. In accordance with the
principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve that objective.

法律指令 2003/6/EG
官方. 版本 公告. EG 号. L (Legislation), 公布 96, 年 2003, S.16-25
日期 2003/01/28
公告 2003/04/12
法案 Lamfalussy-框架法案
通过   法律指令 2004/72/EG
  法律指令 2003/124/EG
  法律指令 2003/125/EG
  法规 (EG) Nr. 2273/2003
法律基础 Art. 95 EC
法的实施 Codecision procedure
内容的背景 Financial Services Action Plan - FSAP
 

II. 框架法律 (层次一)

 

1. 文本

  (EU) Nr. 596/2014
    2013/09/10 (D)
    2014/06/12 (V)
market abuse (法律指令 2003/6/EG) 通过……被废除

MAR, Market Abuse Regulation ( Details)

  2010/78/EU
    2010/11/24 (D)
    2010/12/15 (V)
market abuse (法律指令 2003/6/EG) 通过……被修改

Omnibus I, Powers of European Supervisory Authorities ( Details)

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Ältere Textfassungen
(D) 日期 | (V)公布
 

2. 发生史

2002/12/11 Proposal COM (2002) 724 final Deutsch
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2002/10/24 Proposal ABL. EC No. C 300, p. 542 Deutsch
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2002/07/19 Proposal ABL. EC No. C 228, p. 19 Deutsch
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2002/04/03 Opinion of the European Economic and Social Committee ABL. EC No. C 80, p. 61 Deutsch
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2002/03/14 Report of the European Parliament - 1st reading ABL. EC No. C 47, p. 511 Deutsch
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2001/11/22 Opinion of the European Central Bank ABL. EC No. C 24, p. 8 Deutsch
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2001/06/01 Proposal ABL EC No. C. 240, p. 265 Deutsch
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3. 影响

保留  法律指令 89/592/EWG
修改  法律指令 2001/34/EG
 

III. 实施- / 委托的法案 第二层次)

 

1. 通过

  2004/72/EG
    2004/04/29 (D)
    2004/04/30 (V)

Commission Directive  2004/72/EC of 29 April 2004 implementing Directive  2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions

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  2003/124/EG
    2003/12/22 (D)
    2003/12/24 (V)

Commission Directive  2003/124/EC of 22.12.2003 implementing Directive  2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation

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  2003/125/EG
    2003/12/22 (D)
    2003/12/24 (V)

Commission Directive  2003/125/EC of 22 December 2003 implementing Directive  2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest

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  (EG) Nr. 2273/2003
    2003/12/22 (D)
    2003/12/23 (V)

Commission Regulation  (EC) No 2273/2003 of 22 December 2003 implementing Directive  2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments

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IV. CESR- / ESMA 声明 (第三层次)

2007/07

CESR´s Market Abuse Directive - Level 3 – second set of CESR guidance and information on the common operation of the Directive to the market

CESR/06-562b  
 
  7/2007

Feedback statement

CESR/07-402 PDF-Datei
  11/2006

Public Consultation

CESR/06-562 PDF-Datei
2005/04

CESR´s Market Abuse Directive - Level 3 – first set of CESR guidance and information on the common operation of the Directive

CESR/04-505b  
2009/05

CESR´s Market Abuse Directive - Level 3 – third set of CESR guidance and information on the common operation of the Directive of the market

CESR/09-219  
 
  5/2009

Feedback statement

CESR/09-220 PDF-Datei
  10/2008

2nd Public Consultation

CESR/08-717 PDF-Datei
  5/2008

1st Public Consultation

CESR/08-274 PDF-Datei
  11/2008

Open Hearing

CESR/08-925 PDF-Datei
 

V. Umsetzung in den Mitgliedstaaten

 

1. 在德国的实施

2004/10/28 (B)
2004/10/29 (V)

 Gesetz zur Verbesserung des Anlegerschutzes

Deutsch
(B) 决定 | (V) 公告
 

2. 在其他成员国的实施

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VI. 其它

 

1. Accepted Market Practices

Griechenland
2009/01/02

A company (the issuer), whose shares are admitted to trading on a regulated market, can buy and hold its own shares for future use as means of payment when acquiring shares of another company. If the holding of these shares turns out to be unnecessary, the issuer can allocate them according to article 3 of Regulation 2273/2003/EC or sell them. When acquiring its own shares under the present AMP, the issuer must comply with articles 4, 5 and 6 of Regulation 2273/2003/EC. Transactions performed under this practice must not lead the issuer to hold at any time more than 10% of its shareholder equity. A decision of the shareholders meeting is required in order the issuer to reallocate the shares to another objective than the one publicly disclosed according to the first paragraph. This decision must be publicly disclosed without undue delay.

PDF-Datei
Portugal
2008/08/07

The ‘liquidity contract’ is the accepted market practice. A public company (the issuer) whose shares are admitted to trading on a regulated market in Portugal may enter into a ‘liquidity contract’ with a financial intermediary (credit institution or investment company). The issuer places a certain amount of own shares or a certain sum at the disposal of the financial intermediary (FI) so that the latter is able to carry out purchase and sale operations on the spot market on the issuer’s behalf, on shares issued by itself.

PDF-Datei
Frankreich
2005/03/22

A company (the issuer) – which shares are admitted to trading on a regulated market – can buy and hold its own shares for future use as means of payment when acquiring a company. The issuer can hold the shares without any time limit. If the holding of these shares turns out to be unnecessary, the issuer can allocate them to the objectives mentioned in article 3 of Regulation (EC) n°2273/2003, to another accepted market practice or sell them.

PDF-Datei
Frankreich
2005/03/22

A company (the issuer) - which shares are admitted to trading on a regulated market - can conclude a commercial agreement (Liquidity contract) with an Investment Services Provider (ISP) by means of which the issuer has allowed an amount of money and/or a number of shares to the ISP in order to purchase and sell shares on behalf of the issuer. The objectives of the Liquidity contract are to foster the liquidity of trades, to enable regular quotations and to avoid price fluctuations not warranted by market trends

PDF-Datei
Österreich
2005/01/04

Members of the Vienna Stock Exchange are allowed to carry out a “Valuation transaction” by acting for both the buyer and the seller in government bonds and in bonds where they are the issuer or are closely related to the issuer, in order to provide the market with a reference price.

PDF-Datei
Spanien

A company (the issuer) - whose shares are admitted to trading on a regulated market in Spain – can sign a contract (Liquidity contract) with an Investment firm or a credit institution (Financial Intermediary). Within the Liquidity contract it shall be defined the conditions under which the Financial Intermediary will act on behalf of the issuer, buying or selling shares of the latter, with the only aim of enhancing the liquidity of the transactions and the regularity of the quotation of the shares of the issuer within the limits established in the authorisation from the Shareholders General Meeting to transact business on the own shares of the issuer.

PDF-Datei
语言:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

图例

超级连接 内链/外链
Externer Link 外部超级链接
文本数据的法律状态
Aufgehoben 废除
Vorhaben 保留
Inkraft 有效
Unbekannt 未知
文本
Deutsch 德文版
Englisch 英文版
Französisch 法文版
PDF-Datei 其他PDF数据
Dokument 其他文本
Externer Link 外部文本

目录

I. 基本信息
II. 框架法律 (层次一)
1. 文本
2. 发生史
3. 影响
III. 实施- / 委托的法案 第二层次)
1. 通过
IV. CESR- / ESMA 声明 (第三层次)
V. Umsetzung in den Mitgliedstaaten
1. 在德国的实施
2. 在其他成员国的实施
a) 芬兰
b) 法兰克福
c) 意大利
d) 奥地利
e) 葡萄牙
f) 英联邦
VI. 其它
1. Accepted Market Practices

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