-EMAC adopted the report on Market Abuse subject to several amendments changing the ‘objective’ approach set out by the Commission for defining ‘insider trading’ in some instances to an approach based on ‘intention’.
The Committee also voted that the proposal should not affect press freedom and confidential sources. Journalists not deliberately disclosing financial information for gain would be protected.
Other amendments concern punishments for breaching the rules, but given the different national legal systems there is little chance of imposing a harmonised system of European sanctions. One amendment, therefore, seeks to clarify the legal situation and the Commission is asked to draw up an indicative list of measures and sanctions as a guidance for national authorities. Other detailed technical amendments were also approved.
See full report.
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