On November 5, the UK Financial Conduct Authority (FCA) published a consultation paper (Consultation Paper), which sets out the FCA’s proposal for the necessary changes to the FCA Handbook to implement the Market Abuse Regulation (2014/596/EU) (MAR). MAR, which will apply from July 3, 2016, updates the civil market abuse framework originally detailed in the Market Abuse Directive (MAD).
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The CSMAD: Forthcoming Changes to EU Market Abuse and Insider Dealing Rules
By Neil Robson on
Posted in EU Developments, Financial Markets
On July 3, 2016, the European Union’s Market Abuse Regulation (MAR) will replace the EU’s Market Abuse Directive (MAD). The directive on criminal sanctions for insider dealing and market manipulation (CSMAD) will be implemented in parallel with MAR and MAD. The CSMAD will introduce mandatory criminal sanctions for those found guilty of market abuse and insider dealing across most of the European Union (with the exception of Denmark and the United Kingdom, where independent legislative efforts are also pending to increase existing criminal penalties).
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