Brussels, 14 April 2014
Market abuse: EU enacts criminal sanctions to defend market integrity
The European Commission welcomes today's formal adoption by the Council of its proposal for a Regulation on market abuse (IP/11/1217) and its proposal for a Directive on criminal sanctions for market abuse (IP/11/1218). This follows the European Parliament's plenary votes backing the Regulation on 10 September 2013 (MEMO/13/774) and the Directive on 4 February 2014 (MEMO/14/77).
Vice-President Viviane Reding, the EU's Justice Commissioner, and Internal Market and Services Commissioner Michel Barnier said: "Today's adoption sends a strong zero tolerance warning to those engaging in insider dealing and market manipulation. It demonstrates Europe's commitment to protect the integrity of its financial markets and deter criminals who want to make money by deliberately manipulating information. Administrative authorities will now have greater powers to investigate market abuse and to impose fines of up to millions of euro, while those found guilty of market abuse will be deterred by the prospect of facing jail across the Union. We now need to pass from laws to action: Member States should swiftly implement these new rules so criminals have no place to hide in Europe."
Next steps: After the signature of the Regulation and the Directive by the Presidents of the European Parliament and the Council and their publication in the Official Journal, expected in June, there will be a 24 month period for the adoption of implementing measures by the Commission concerning the Regulation and for Member States to implement the Directive in national law.
The adoption of the Regulation means that:
The adoption of the Directive means that:
European Commission - Market Abuse
European Commission – criminal law policy:
Homepage of Vice-President Viviane Reding, EU Justice Commissioner: http://ec.europa.eu/reding
Homepage of Commissioner Michel Barnier, EU Internal Market and Services Commissioner http://ec.europa.eu/commission_2010-2014/barnier/index_en.htm
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