Towards a Uniform European Capital Markets Law: Proposals of the Commission to Reform Market Abuse

Abstract

The European Union has had a uniform legal framework to combat market abuse since 2003. These provisions are to be reformed. In October 2011, the European Commission presented proposals for a Regulation on Insider Dealing and Market Manipulation and a Directive on Criminal Sanctions. This paper analyses the drafts and puts them in context. It also looks at the Commission’s stated aim to strengthen the market abuse regime and give it a more European emphasis. The proposals could represent a further move towards codification of European capital markets law.