Activities of Kay SWINBURNE related to 2011/0297(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation PDF (329 KB) DOC (287 KB)
Amendments (2)
Amendment 8 #
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6 a) The scope of this Directive, and the framing of the prohibitions, is deliberately broad, so as to capture wider behaviour or conduct which may, directly or indirectly, have an effect on financial instruments. It is not necessary for competent authorities to demonstrate the precise link between the misconduct of one or more individuals and the end effect on one or more financial instruments; it is sufficient that there is a relationship, even if indirect, between the abusive behaviour and a financial instrument. For example, the dissemination of false or misleading information relating to an interbank offer rate or other benchmark, as this would be covered as a result of related instruments, such as interest rate swaps, being traded on venues which are within the scope. It would not be necessary for the competent authority to demonstrate that the dissemination of false or misleading information actually had influenced the relevant interbank offer rate or bench mark, or that this actually had influenced the price of a financial instrument; it is enough that these were likely consequences of the dissemination of the false or misleading information. Similarly, the likely impact on the price of a financial instrument should be applied broadly, to encompass not only situations where the transaction or behaviour might influence the price of a traded financial instrument but also, for example, where it might influence the profit or advantage gained on a derivative contract.
Amendment 10 #
Proposal for a directive
Recital 9
Recital 9
(9) In order for the scope of this Directive to be aligned with that of Regulation (EU) No…of the European Parliament and the Council on insider dealing and market manipulation, trading in own shares and other financial instruments for stabilisation and buy-back programmes, as well as transactions, orders or behaviours carried out for the purposes of monetary and public debt management activities and activities concerning emission allowances in pursuit of the Union's climate policy, should be exempt from this Directive.