EMAC recommendation on Council Common Position

11 September 2002



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The EP Economic and Monetary Affairs Committee today held a first exchange of views on the Market Abuse Directive.

The EP rapporteuer Robert Goebbels, other EP members and the Commission all agreed that the Common Position issued on 19 July is a great success.

EMACs draft recommendation for the second reading contains only three amendments, subject:

  • to a stronger commitment to the financing of the competent authority by the Member States;
  • to prohibit frontrunning;
  • to more transparency and disclosure of the financial interests of the responsible persons, whose company is traded on the stock market.

    Mrs Villiers mentioned that more regulation must not lead to overregulation and therefore might issue some more amendments on this subject as well on the treatment of ‘save harbours’.

    In a response to Mr Goebbels the Commission delegate said that the three amendments made so far are acceptable to the Commission.

    Final date of amendments to the recommendation is 25 September. Vote in Committee will take place on 8 October

    Draft recommendation
    Council Common Position

    © Graham Bishop