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Directive 2003/6/EC

 

I. General Information

Title

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

Abbreviations market abuse
Status: Repealed
Description

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.

Directive 2003/6/EC
Source O.J. EC No L (Legislation), Edition 96, Year 2003, p.16-25
Adoption 01/28/2003
Promulgation 04/12/2003
Character Lamfalussy Framework Act
Implementation   Directive 2004/72/EG
  Directive 2003/124/EG
  Directive 2003/125/EG
  Regulation (EG) Nr. 2273/2003
Legal Basis Art. 95 EC
Legislative Procedure Codecision procedure
Background Financial Services Action Plan - FSAP
 

II. Rahmenrechtsakt (Level 1)

 

1. Versions

  (EU) No 596/2014
    09/10/2013 (A)
    06/12/2014 (P)
market abuse (Directive 2003/6/EG) repealed by

MAR, Market Abuse Regulation ( Details)

  2010/78/EU
    11/24/2010 (A)
    12/15/2010 (P)
market abuse (Directive 2003/6/EG) amended by

Omnibus I, Powers of European Supervisory Authorities ( Details)

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(A) Adoption | (P) Promulgation
 

2. Legislative History

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

Repeal  Directive 89/592/EEC
Amendment  Directive 2001/34/EC
 

III. Implementing / Legislative Act (Level 2)

 

1. Implementation

  2004/72/EC
    04/29/2004 (A)
    04/30/2004 (P)

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/EC
    12/22/2003 (A)
    12/24/2003 (P)

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/EC
    12/22/2003 (A)
    12/24/2003 (P)

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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  (EC) No 2273/2003
    12/22/2003 (A)
    12/23/2003 (P)

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 Announcements (Level 3)

07/2007

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
04/2005

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

CESR/04-505b  
05/2009

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. Implementation in Germany

10/28/2004 (A)
10/29/2004 (P)

 Gesetz zur Verbesserung des Anlegerschutzes

Deutsch
(A) Adoption | (P) Promulgation
 

2. Implementation in other Member States

Bitte auf die Überschrift klicken, um Inhalte anzuzeigen.
 

VI. Other

 

1. Accepted Market Practices

Griechenland
01/02/2009

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
08/07/2008

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
03/22/2005

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
03/22/2005

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
01/04/2005

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
Language:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

Legende

Hyperlink int./ext. Verlinkung
Externer Link Externer Hyperlink
Status des Rechtsaktes
Aufgehoben Aufgehoben
Vorhaben Vorhaben
Inkraft Inkraft
Unbekannt Unbekannt
Dokumente
Deutsch Deutsche Fassung
Englisch Englische Fassung
Französisch Franz. Fassung
PDF-Datei Sonstige PDF-Datei
Dokument Sonstiges Dokument
Externer Link Externes Dokument

Overview

I. General Information
II. Rahmenrechtsakt (Level 1)
1. Versions
2. Legislative History
3. Legal Impact
III. Implementing / Legislative Act (Level 2)
1. Implementation
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
2. Implementation in other Member States
a) Finland
b) France
c) Italien
d) Austria
e) Portugal
f) United Kingdom
VI. Other
1. Accepted Market Practices

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