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Two main categories of amendments can be discerned: those that essentially support the effect-based approach of the Commission proposal, and those that seek to introduce an intent test into the text.
According to the Commission, ‘inside information’ can be defined as information which would be likely to have a significant effect on the price of those financial instruments concerned. The definition of market manipulation also focuses on the impact of such manipulation, rather than on the intention of committing an offence.
According to the detractors, the offence is defined without reference to the intention of profiting from the inside information. An individual could therefore be penalized without there being any real proof that he or she intended to carry out an insider dealing operation. Moreover, 'accidental or benign' interventions could be regarded as instances of market manipulation.
The nature of the penalties for insider dealing, outlined in Article 14, is also proving controversial. The directive should lay down ‘administrative measures and sanctions', without prejudice to the right of Member States to impose criminal penalties.
Next to the 50 amendments made by the rapporteur himself another 160 amendments have been made by other parliamentarians so far.
See amendments and explanatory statement made by the rapporteur.
See amendments made by other parliamentarians