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Brussels, 10th March 2003

Market abuse: Commission publishes three working documents concerning the first implementing measures for Market Abuse Directive

The European Commission's services are making public today three working documents related to the Directive 2003/6/EC on insider dealing and market manipulation (market abuse) (see IP/02/1789). These working documents have been drawn up following advice given to the Commission by the Committee of European Securities Regulators (CESR) at the end of 2002 after an extensive consultation process. These working documents are being published on the European Commission's website  to continue the open and transparent regulatory process for drawing up technical implementing measures. This is the first time the Commission has published such working documents as part of the procedures agreed to implement the March 2001 Stockholm European Council Resolution to improve decision-making concerning securities markets (the so-called "Lamfalussy process" see IP/02/195).

The three working documents cover the following implementing measures:

  • definitions of inside information and market manipulation as well as public disclosure of inside information by issuers (Articles 1 and 6, paragraphs 1 and 2 of the Directive).

  • fair presentation of recommendations and disclosure of relevant interests or conflicts of interest (Article 6, paragraph 5 of the Directive).

  • the so-called "safe harbour" - i.e. the conditions for the exemptions from the prohibitions of insider dealing and market manipulation in specific cases (Article 8 of the Directive).

These working documents are not formal Commission proposals. Any technical drafting comments should be sent to the Commission to the following e-mail address

All comments sent to the Commission will be made public and posted on the above website. The Commission will begin drawing up its formal proposal at the end of April.

Since these working documents are not formal Commission proposals, the period of at least three-months for the European Securities Committee to vote on the measures, and for the European Parliament to consider them, is not triggered at this stage.

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