Adopted in January 2003, the Market Abuse Directive (MAD) 2003/6/EC, together with other implementing legislation, established an EU-wide framework for preventing and tackling market abuse. The European Commission embarked on a review of MAD in 2010, culminating in the publication of legislative proposals on 20 October 2011. These consist of a draft Regulation (the "Regulation"), which sets out a revised and harmonised civil market abuse regime and ancillary requirements, and a draft Directive ("MAD 2"), which contains a new criminal market abuse regime. The existing directive, MAD, will be repealed in its entirety.
This client insight explores the main changes to MAD envisaged by these legislative proposals.
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