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Financial services
Market Abuse Directive
The Market Abuse Directive (MAD) forms the basis of the European framework to tackle market manipulation and insider trading. It was implemented in 2005.
In 2009, the European Commission launched a review of the Directive with a view to strengthening and modernising the MAD regime. A Call for Evidence was published in April 2009, and the Commission consulted on possible revisions to the Directive in June and July 2010.
The European Commission’s consultation paper can be downloaded as follows:
The UK currently has a wider definition of market abuse than that established in MAD, as it retained the existing scope of the UK market abuse regime that was introduced in 2001.
These ‘super equivalent’ provisions are under a sunset clause and are due to expire on 31 December 2011.
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