Activities of Rui TAVARES related to 2011/0297(COD)
Shadow opinions (1)
OPINION on the proposal for a directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation
Amendments (1)
Amendment 9 #
Proposal for a directive
Recital 7
Recital 7
(7) Not all Member States have provided for criminal sanctions for some forms of serious breaches of national legislation implementing Directive 2003/6/EC. These different approaches undermine the uniformity of conditions of operation in the internal market and may provide an incentive for persons to carry out market abuse in Member States which do not provide for criminal sanctions for these offences. In addition, until now there has been no Union-wide understanding on which conduct is considered to be such a serious breach. Therefore, minimum rules concerning the definition of criminal offences committed by natural and legal persons and of sanctions should be set. Common minimum rules would make it also possible to use more effective methods of investigation and effective cooperation within and between Member States. In light of the aftermath of the financial crisis, it has been evident that market manipulation has a potential for widespread damage on the lives of millions of people. The absence of harmonised criminal sanctions is rightly seen by citizens as creating an environment of impunity where market manipulators can thrive, taking advantage of a borderless market while operating from jurisdiction that are not prosecuting them or have deficient penal frameworks in dealing with these matters. In turn, this creates reasons for an increased societal perception of corruption, with its subsequent pernicious effects on the legitimacy of institutions. Convictions for market abuse offences under criminal law often result in extensive media coverage, which helps to deter potential offenders, as it draws public attention to the commitment of competent authorities to tackling market abuse.