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Directive 2014/57/EU

 

I. 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 MAD, market abuse directive
Status: Existing
Description

Abuses that take place on financial markets, for instance when market participants spread false information on the prices of financial products, may be very detrimental to consumers, investors and the economy as a whole.

This act lays down criminal sanctions for the most serious, intentionally committed  market abuses. The new rules should be applicable no later than July 2016 in all EU countries.

KEY POINTS

1. Sanctions for people (natural persons) - prison sentence

Under the new rules, insider dealing and market manipulation, two major forms of  market abuse, are punishable by a maximum term of imprisonment of at least 4 years.

Market manipulation consists in manipulating the prices of financial products artificially. For instance, this can happen when an individual spreads false information on the supply, the demand or the price of a financial product.

Insider dealing is when an individual trades a financial product with access to ‘inside information’. This is confidential information relating to the financial product traded or the company that issued it on the market. Accessing this type of information gives him an unfair advantage.

Unlawful disclosure of ‘inside information’ is also considered as an offence punishable by a maximum term of imprisonment of at least 2 years. This happens when an individual discloses ‘inside information’ to other persons, unless this disclosure is  made in the regular exercise of its profession.

2. Sanctions for companies held liable (legal persons)

 

The rules provide that companies held liable for market-abuse offences are subject to criminal or non-criminal fines. Other sanctions may also be applied, such as a temporary or permanent disqualification from the practising of commercial activities.

 

Regulation  (EU) No 596/2014, adopted alongside these new rules, strengthens administrative sanctions that can also be imposed for  market abuses. It also strengthens national regulators’ investigative powers to detect abuses on financial markets.

Source: h​t​t​p​:​/​/​e​u​r​-​l​e​x​.​e​u​r​o​p​a​.​e​u​/​l​e​g​a​l​-​c​o​n​t​e​n​t​/​E​N​/​L​S​U​/​?​q​i​d​=​1​5​2​7​0​5​6​3​1​3​5​7​6​&​u​r​i​=​C​E​L​E​X​%​3​A​3​2​0​1​4​L​0​0​5​7

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
 

II. Versions and Legislative History

 

1. Versions

  2014/57/EU
    04/16/2014 (A)
    06/12/2014 (P)

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

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(A) Adoption | (P) Promulgation
 

2. Legislative History

04/16/2014 Signature by EP and Council O.J. L/2014 173/179
04/14/2014 Council decision Europäischer Rat, 2014/8763 Französisch
02/04/2014 Report of the European Parliament - 1st reading O.J. C/2017 93/241 Deutsch
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07/25/2012 Proposal COM(2012) 420 final Deutsch
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03/28/2012 Opinion of the European Economic and Social Committee ABL 2012/C 181/64 Deutsch
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03/22/2012 Opinion of the European Central Bank ABL 2012/C 161/ 3 Deutsch
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02/10/2012 Opinion of the European Data Protection Supervisor ABL 2012/C 177/1 Deutsch
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10/20/2011 Proposal COM(2011) 654 final Deutsch
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3. Comments

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

III. CESR / ESMA Announcements (Level 3)

04/2016

Questions and Answers on the common operation of the Market Abuse Directive

ESMA/2016/419  
 

IV. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

04/14/2016 (A)
07/01/2016 (P)

 Erstes Gesetz zur Novellierung von Finanzmarktvorschriften aufgrund europäischer Rechtsakte

Deutsch
(A) Adoption | (P) Promulgation
 

2. Implementation in other Member States

Bitte auf die Überschrift klicken, um Inhalte anzuzeigen.
 

V. Other

 

1. Other

Europäische Kommission
10/20/2011

Arbeitsdokument der Kommissionsdienststellen

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. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
III. CESR / ESMA Announcements (Level 3)
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
2. Implementation in other Member States
a) France
b) Luxembourg
c) Austria
V. Other
1. Other

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