The European Commission has published its latest working document on the Market Abuse Directive. The working document focuses on Article 1 and 6 of the Directive, which lay down definitions and rules for competent authorities and the notification of managers transactions to the competent authority.
The working document covers the following implementing measures:
guidelines for competent authorities when considering whether to accept market practices (implementation of Article 1, paragraphs 1 and 2 of the Market Abuse Directive)
the definition of inside information on commodity derivative markets (Article 1, paragraph 1 of the Directive)
the establishment of insiders' lists by issuers or entities acting on their behalf (Article 6, paragraph 3)
the notification to competent authorities of managers' transactions (Article 6, paragraph 4)
the notification to competent authorities of suspicious transactions by professionals (Article 6, paragraph 9 of the Market Abuse Directive).
Comments to the Commission should be received by 7 December 2003. All comments received will be posted on the above website. The Commission will begin drawing up its formal proposal in December 2003. Once that formal proposal is published, there will be a period of at least three months for the European Securities Committee to vote on the measures and for the European Parliament to consider them.
Working paper
Press release
© European Commission
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