The EU Market Abuse Directive: a case-based analysis

Abstract

Since the law on market abuse in EU countries has in recent years become predominantly European-based, it makes sense to address this area of law from a European point of view. However, there is, so far, no European case law on the new market abuse regime. This article therefore uses some hypothetical and real-world examples in order explain the main content and practical problems of the new law. First, it analyses the three main elements of the European market abuse regime, namely: insider dealing, ad hoc publicity and market manipulation. Subsequently, the limits to these provisions – including cross-border aspects – are addressed. The final part deals with enforcement issues, in particular the extent to which the law of the Member States remains important.