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NEWS

Press Release – Cyprus Presidency takes first step on stricter rules on insider dealing and market manipulation
05.12.2012, 16:06 (CET)
On the 5th of December 2012, the Permanent Representatives Committee (COREPER) confirmed the agreement on the Council’s general approach on the Market Abuse Regulation. COREPER has given the Cyprus Presidency the mandate to start negotiations with the European Parliament on the basis of the agreed general approach with a view of reaching a first reading agreement.

Due to the legislative, market and technological developments since the 2003 Market Abuse Directive (MAD) the financial landscape has been under considerable change. The Regulation aims to increase market integrity and investor protection, while ensuring uniform, stronger rules and clarity of key concepts and levelling the playing field. The purpose is also to increase the attractiveness of securities markets for capital raising while achieving proper and full market transparency. 

Among other things the proposed Regulation keeps pace with market developments and therefore extends the scope of the original Market Abuse Directive. It reinforces the regulators' investigative and sanctioning powers, reduces the administrative burdens on issuers of financial instruments on markets for small and medium sized enterprises and prohibits the manipulation of benchmarks, including LIBOR and EURIBOR.

The proposal was accompanied by a proposal for a Directive on criminal sanctions for insider dealing and market manipulation. These two proposals together constitute the review of the current Market Abuse Directive (MAD).

Presidency Spokesperson in Brussels
Nikos Christodoulides

Coreper II

Email: nchristodoulides@mfa.gov.cy
Telephone: +32 27395152
Mobile: +32 473400441