FESE comments on Market Abuse Directive

04 December 2001

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This paper was submitted to the European Parliament, the ECOFIN Council, the European Commission and to CESR and criticizes the lack of attention for prevention, detection, prosecution and enforcement outside official circles or borders. According to FESE the proposal needs to provide for a far more comprehensive and cooperative approach between official bodies, market organisers and (groups of) market participants.
It is rather awkward to note that the Commission's proposals do not discuss nor consider the pros and cons, the advantages and the limitations of criminal law remedies in financial markets nor for that matter of administrative or civil law, let alone that adequate attention has been paid to the opportunities, advantages and limitations of anti-market abuse approaches by Exchanges and by self-regulatory organisations.

© FESE