Market abuse: a new framework in the European Union
03/09/2014
A new framework applicable to market abuse prohibition and prevention has been adopted by the European institutions. It consists of Regulation 596/2014 on market abuse (the “MAR”) and of Directive 2014/57/EU on criminal sanctions for market abuse (the “Sanctions Directive”), both of which were published in the Official Journal of the European Union on 12 June 2014. These two instruments replace and repeal Directive 2003/6/CE on insider dealing and market manipulation (the “MAD”), which had been implemented into Luxembourg by the Law of 9 May 2006 on market abuse.
