The Treasury is today launching a consultation on the UK Market Abuse Regime. The consultation is specifically focused on where the UK regime imposes additional requirements to the EU's 2003 Market Abuse Directive.
The UK currently has a wider definition of market abuse than that established in the EU's 2003 Market Abuse Directive. We have committed to reviewing the regime's scope by May 2008 to assess whether this wider definition remains justified.
The EU is reviewing the Directive in 2008. We consider a short extension to the current superequivalences beneficial, until the outcome of the EU review is known. This would enable a wider consideration of the benefits of the superequivalences in the context of the forthcoming EU review and would minimise transition costs for industry. We would welcome views by 7 May 2008.
Press release
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