{"change_dates":[],"dossier":{"amendments":[{"authors":"Elena B\u0103sescu","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-4","location":[["Proposal for a directive","Recital 2"]],"meps":[96814],"meta":{"created":"2019-07-03T05:18:11"},"new":["(2) Directive 2003/6/EC13of the European","Parliament and the Council on insider","dealing and market manipulation (market","abuse), adopted on 28 January 2003,","completed and updated the Union's legal","framework to protect market integrity. It","also required Member States to ensure that","competent authorities have the powers to","detect and investigate market abuse.","Without prejudice to the right of Member","States to impose criminal sanctions,","Directive 2003/6/EC also required Member","States to ensure that the appropriate","administrative measures can be taken or","administrative sanctions be imposed","against the persons responsible for","violations of the national rules","implementing that Directive."],"old":["(2) Directive 2003/6/EC13 of the European","Parliament and the Council on insider","dealing and market manipulation (market","abuse) required Member States to ensure","that competent authorities have the powers","to detect and investigate market abuse.","Without prejudice to the right of Member","States to impose criminal sanctions,","Directive 2003/6/EC also required Member","States to ensure that the appropriate","administrative measures can be taken or","administrative sanctions be imposed","against the persons responsible for","violations of the national rules","implementing that Directive."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"4","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Elena B\u0103sescu","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-5","location":[["Proposal for a directive","Recital 3"]],"meps":[96814],"meta":{"created":"2019-07-03T05:18:11"},"new":["(3) The report by the High-Level Group on","Financial Supervision in the EU","recommended that a sound prudential and","conduct of business framework for the","financial sector must rest on strong","supervisory and sanctioning regimes. To","this end, the Group considered that","supervisory authorities must be equipped","with sufficient powers to act and there","should also be equal, strong and deterrent","sanctions regimes against all financial","crimes, sanctions which should be enforced","effectively, in order to preserve market","integrity. The Group concluded that","Member States sanctioning regimes are in","general weak and heterogeneous."],"old":["(3) The report by the High-Level Group on","Financial Supervision in the EU","recommended that a sound prudential and","conduct of business framework for the","financial sector must rest on strong","supervisory and sanctioning regimes. To","this end, the Group considered that","","supervisory authorities must be equipped","with sufficient powers to act and there","should also be equal, strong and deterrent","sanctions regimes against all financial","crimes, sanctions which should be enforced","effectively. The Group concluded that","Member States sanctioning regimes are in","general weak and heterogeneous."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"5","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Elena B\u0103sescu","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-6","location":[[" Proposal for a directive","Recital 4"]],"meps":[96814],"meta":{"created":"2019-07-03T05:18:11"},"new":["(4) A well-functioning legislative","framework on market abuse requires","effective enforcement. An evaluation of the","national regimes for administrative","sanctions under Directive 2003/6/EC","showed that not all national competent","authorities had a full set of powers at their","disposal to ensure that they could respond","to market abuses with the appropriate","sanction. In particular, not all Member","States had pecuniary administrative","sanctions available for insider dealing and","market manipulation, and the level of these","sanctions varied widely among Member","States. A new legislative instrument is also","needed to ensure uniform rules and","clarity of key concepts and to ensure a","single rulebook in line with the","conclusions of the High-Level Group on","Financial Supervision."],"old":["(4) A well-functioning legislative","framework on market abuse requires","effective enforcement. An evaluation of the","national regimes for administrative","sanctions under Directive 2003/6/EC","showed that not all national competent","authorities had a full set of powers at their","disposal to ensure that they could respond","to market abuses with the appropriate","sanction. In particular, not all Member","States had pecuniary administrative","sanctions available for insider dealing and","market manipulation, and the level of these","sanctions varied widely among Member","States."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"6","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Elena B\u0103sescu","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-7","location":[["Proposal for a directive","Recital 5"]],"meps":[96814],"meta":{"created":"2019-07-03T05:18:11"},"new":["(5) The adoption of administrative","sanctions by the Member States has so far","proven insufficient to ensure compliance","with the rules on preventing and fighting","market abuse."],"old":["(5) The adoption of administrative","sanctions by the Member States has proven","insufficient to ensure compliance with the","rules on preventing and fighting market","abuse."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"7","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Kay Swinburne","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-8","location":[["Proposal for a directive","Recital 6 a (new)"]],"meps":[96920],"meta":{"created":"2019-07-03T05:18:11"},"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."],"old":[""],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"8","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Wolf Klinz","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-9","location":[[" Proposal for a directive","Recital 7"]],"meps":[28244],"meta":{"created":"2019-07-03T05:18:11"},"new":["(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 persons, of","the liability of 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.","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."],"old":["(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.","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."],"orig_lang":"de","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"9","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Kay Swinburne","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-10","justification":"This should be aligned with the rapporteur\u2019s suggestions on MAR.","location":[["Proposal for a directive","Recital 9"]],"meps":[96920],"meta":{"created":"2019-07-03T05:18:11"},"new":["(9) In order for the scope of this Directive","to be aligned with that of Regulation (EU)","No\u2026of 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."],"old":["(9) In order for the scope of this Directive","to be aligned with that of Regulation (EU)","No\u2026of the European Parliament and the","Council on insider dealing and market","manipulation, trading in own shares 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."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"10","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-11","location":[[" Proposal for a directive","Recital 9 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T05:18:11"},"new":["(9 a) It is possible for the use of inside","information to consist of the acquisition","and disposal of financial instruments by a","person. Since the acquisition or disposal","of financial instruments necessarily","involves a prior decision on the part of","that person, the carrying out of such","acquisition or disposal should not be","deemed in itself to constitute the use of","inside information."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"11","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-12","location":[[" Proposal for a directive","Recital 9 b (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T05:18:12"},"new":["(9 b) Having access to inside information","relating to another company and using it","in the context of a public takeover bid for","the purpose of gaining control of that","company or proposing a merger with that","company should not in itself be deemed to","constitute insider dealing"],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"12","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-13","location":[[" Proposal for a directive","Recital 9 c (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T05:18:12"},"new":["(9 c) Research and estimates developed","from publicly available data should not be","regarded as inside information and,","therefore, any transaction carried out on","the basis of such research or estimates","should not be deemed in itself to","constitute insider dealing within the","meaning of this Directive."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"13","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-14","location":[["Proposal for a directive","Recital 9 d (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T05:18:12"},"new":["(9 d) The mere fact that market-makers,","bodies authorised to act as counterparties,","or persons authorised to execute orders","on behalf of third parties with inside","information confine themselves, in the","first two cases, to pursuing their","legitimate business of buying or selling","financial instruments or, in the last case,","to carrying out an order dutifully, should","not in itself be deemed to constitute use of","such inside information"],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"14","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-15","location":[["Proposal for a directive","Recital 11 a (new)"]],"meps":[97203],"meta":{"created":"2019-07-03T05:18:12"},"new":["(11 a) Deliberate manipulation of","financial indexes as LIBOR or EURIBOR","should be included in the scope of this","legislation, as well as hiding information","on the near term future viability of a","company before its IPO."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"15","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-16","location":[[" Proposal for a directive","Recital 11 b (new)"]],"meps":[97203],"meta":{"created":"2019-07-03T05:18:12"},"new":["(11 b) Deliberate selling of complex","financial products to private investors","with no financial experience that may","endanger their lifetime saving should be","included in the scope of this legislation."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"16","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Wolf Klinz","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-17","location":[[" Proposal for a directive","Recital 14"]],"meps":[28244],"meta":{"created":"2019-07-03T05:18:12"},"new":["(14) In order to ensure effective","implementation of the European policy for","ensuring the integrity of the financial","markets set 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Goulard","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-18","location":[["Proposal for a directive","Recital 18"]],"meps":[97137],"meta":{"created":"2019-07-03T05:18:12"},"new":["(18) This Directive respects the","fundamental rights and observes the","principles recognised in the Charter of","Fundamental Rights of the European Union","as enshrined in the Treaty. Specifically, it","should be applied with due respect for the","freedom of expression and information","(Article 11), the freedom to conduct a","business (Article 16), the right to an","effective remedy and to a fair trial (Article","47), the presumption of innocence and","right of defence (Article 48), the principles","of legality and proportionality of criminal","offences and penalties (Article 49), and the","right not to be tried or punished twice for","the same offence (Article 50). This","Directive does not in any way prevent","Member States from applying their","constitutional rules relating to freedom of","the press and freedom of expression in the","media as well as self-regulatory","instruments which apply to journalistic","professions."],"old":["(18) This Directive respects the","fundamental rights and observes the","principles recognised in the Charter of","Fundamental Rights of the European Union","as enshrined in the Treaty. Specifically, it","should be applied with due respect for the","freedom to conduct a business (Article 16),","the right to an effective remedy and to a","fair trial (Article 47), the presumption of","innocence and right of defence (Article","48), the principles of legality and","proportionality of criminal offences and","penalties (Article 49), and the right not to","be tried or punished twice for the same","offence (Article 50)."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"18","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Wolf Klinz","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-19","location":[[" Proposal for a directive","Recital 18"]],"meps":[28244],"meta":{"created":"2019-07-03T05:18:12"},"new":["(18) This Directive respects the","fundamental rights and observes the","principles recognised in the Charter of","Fundamental Rights of the European Union","as enshrined in the Treaty. 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which","endanger the future viability of the","company."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"53","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-54","location":[["Proposal for a directive","Article 4 \u2013 paragraph 1 \u2013 point d b (new)"]],"meps":[97203],"meta":{"created":"2019-07-03T05:18:15"},"new":["(d b) Deliberate selling of complex","financial products to private investors","with no financial experience that may","endanger their lifetime savings."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"54","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Sven Giegold on behalf of the Verts/ALE 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Member States shall take the necessary","measures to ensure that the attempt to","commit any of the offences referred to in","Articles 3(a) and 4(a), (b), (ba) and (c) is","punishable as a criminal offence."],"old":["2. 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In assessing the proportionality","of sanctions, Member States shall take","into account the profits made or losses","avoided by the persons held liable as well","as the damage resulting from the offence","to other persons and, where applicable,","the damage to the functioning of markets","or the wider economy."],"old":["Member States shall take the necessary","measures to ensure that legal persons held","liable pursuant to Article 7 are punishable","by effective, proportionate and dissuasive","sanctions."],"orig_lang":"en","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"56","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Kri\u0161j\u0101nis Kari\u0126\u0161","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-57","location":[[" Proposal for a directive","Article 10 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[96901],"meta":{"created":"2019-07-03T05:18:16"},"new":["Member States shall adopt and publish, by","[24 months after entry into force of this","Directive] at the latest, the laws,","regulations and administrative provisions","necessary to comply with this Directive.","They shall forthwith communicate to the","Commission the text of those provisions."],"old":["Member States shall adopt and publish, by","[24 months after entry into force of this","Directive] at the latest, the laws,","","regulations and administrative provisions","necessary to comply with this Directive.","They shall forthwith communicate to the","Commission the text of those provisions","and a correlation table between those","provisions and this Directive."],"orig_lang":"lv","peid":"PE489.420v02-00","reference":"2011/0297(COD)","seq":"57","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.420+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Kri\u0161j\u0101nis Kari\u0126\u0161","changes":{},"committee":["ECON"],"date":"2012-07-13T00:00:00","id":"PE489.420-58","location":[["Proposal for a directive","Article 10 \u2013 paragraph 2"]],"meps":[96901],"meta":{"created":"2019-07-03T05:18:16"},"new":["2. 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The smooth","functioning of securities markets and","public confidence in markets are","prerequisites for economic growth and","wealth. Market abuse harms the integrity of","financial markets and public confidence in","securities and derivatives."],"old":["(1) An integrated and efficient financial","market requires market integrity. The","smooth functioning of securities markets","and public confidence in markets are","prerequisites for economic growth and","wealth. Market abuse harms the integrity of","financial markets and public confidence in","securities and derivatives."],"orig_lang":"lt","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"7","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-8","justification":" For consistency purposes, the criminal offences in MAD should be the same items of conduct\n prohibited in MAR, and therefore, the scope of both legal instruments should be aligned.","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:06"},"new":["1. This Directive establishes minimum","rules for criminal sanctions for the most","serious market abuse offences, namely","insider dealing and market manipulation.","This Directive shall only apply to","transactions, orders or behaviours which","would fall within Regulation (EU) No. ...","of the European Parliament and the","Council on insider dealing and market","manipulation and which would be","prohibited under that Regulation."],"old":["1. This Directive establishes minimum","rules for criminal sanctions for the most","serious market abuse offences, namely","insider dealing and market manipulation."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"8","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-9","location":[[" Proposal for a directive","Article 2 \u2013 point 1"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:06"},"new":["deleted"],"old":["1. \u2018Financial instrument\u2019 means any","instrument within the meaning of Article","2(1)(8) of Regulation (EU) No\u2026of the","European Parliament and the Council on","markets in financial instruments."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"9","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-10","justification":" For consistency purposes, the same definitions stipulated in MAR (Article 5) should be\n applied to MAD.","location":[[" Proposal for a directive","Article 2 \u2013 point 1 a (new)"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:06"},"new":["1a. The definitions provided in Article 5","of Regulation (EU) No... of the European","Parliament and the Council on insider","dealing and market manipulation shall","also apply to this Directive."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"10","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-11","justification":"Regarding Article 6 - Inside Information, it should be made clear that only truly price\nsensitive information is \u2018inside information\u2019 for the purposes of criminal offence. It would be\nwholly inappropriate to impose criminal liability for use of information covered by Article\n6(1)(e)-\u2018New definition of inside information\u2019, or for information that is only inside\ninformation because of Article 6(3).","location":[["Proposal for a directive","Article 2 \u2013 point 2"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:07"},"new":["2. \u2018Inside information\u2019 means information","within the meaning of Article 6(1)(a) to","6(1)(d) of Regulation (EU) No...of the","European Parliament and the Council on","insider dealing and market manipulation.","Information shall not be \"inside","information\" for the purposes of this","Directive if it would only be considered","inside information as a result of Article","6(3) of that Regulation."],"old":["2. \u2018Inside information\u2019 means information","within the meaning of Article 6 of","Regulation (EU) No\u2026of the European","Parliament and the Council on insider","dealing and market manipulation."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"11","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-12","justification":" It should be clear that a natural person does not commit the offence of insider dealing in\n Article 3 (punishable as a criminal offence) unless he also knows that the information in\n question is indeed inside information. Insider dealing provisions in MAD should only be\n applicable to natural persons, since the scope of corporate liability should be left to national\n law.","location":[["Proposal for a directive","Article 3 \u2013 introductory part"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:07"},"new":["Member States shall take the necessary","measures to ensure that the following","conduct constitutes a criminal offence,","when committed intentionally by a natural","person:"],"old":["Member States shall take the necessary","measures to ensure that the following","conduct constitutes a criminal offence,","when committed intentionally:"],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"12","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Evelyn Regner","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-13","location":[[" Proposal for a directive","Article 3 \u2013 introductory part"]],"meps":[96998],"meta":{"created":"2019-07-03T05:50:07"},"new":["Member States shall take the necessary","measures to ensure that the following","conduct constitutes a criminal offence,","when committed intentionally or through","gross negligence:"],"old":["Member States shall take the necessary","measures to ensure that the following","conduct constitutes a criminal offence,","when committed intentionally:"],"orig_lang":"de","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"13","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-14","location":[[" Proposal for a directive","Article 3 \u2013 point a"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:07"},"new":["(a) when the person concerned is in","possession of inside information and","knows that the information is inside","information, using that information to","acquire or dispose of financial instruments","to which that information relates for one's","own account or for the account of a third","party. This also includes using inside","information to cancel or amend an order","concerning a financial instrument to which","that information relates where that order","was placed before entering into possession","of that inside information; or"],"old":["(a) when in possession of inside","information, using that information to","acquire or dispose of financial instruments","to which that information relates for one's","own account or for the account of a third","party. This also includes using inside","information to cancel or amend an order","concerning a financial instrument to which","that information relates where that order","was placed before entering into possession","of that inside information; or","",""],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"14","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-15","location":[["Proposal for a directive","Article 3 \u2013 point b"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:07"},"new":["(b) when the person concerned is in","possession of inside information and","knows that the information is inside","information, disclosing inside information","to any other person, unless such disclosure","is made in the lawful course of the exercise","of duties resulting from employment or","profession."],"old":["(b) disclosing inside information to any","other person, unless such disclosure is","made in the lawful course of the exercise","of duties resulting from employment or","profession."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"15","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-16","justification":" This is introduced to cover cases where a person who has inside information encourages\n someone else to deal without disclosing the information. With this provision, the person in\n question may not be inciting insider dealing, since the person incited is not engaged in insider\n dealing (since he never possesses the inside information). Similar wording is used in Article\n 7(3) of MAR (Commission proposal).","location":[["Proposal for a directive","Article 3 \u2013 point b a (new)"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:07"},"new":["(ba) when the person concerned is in","possession of inside information and","knows that the information is inside","information, recommending or inducing","another person, on the basis of inside","information, to acquire or dispose of","financial instruments to which that","information relates."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"16","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sebastian Valentin Bodu","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-17","justification":" Entering into a transaction while possessing inside information should not alone constitute a\n wrongdoing. This defence makes clear that it is legitimate for a person to deal in financial\n instruments, to recommend or induce another person, when the inside information does not\n have a material influence on the decision to deal.","location":[[" Proposal for a directive","Article 3 \u2013 paragraph 1 a (new)"]],"meps":[39722],"meta":{"created":"2019-07-03T05:50:07"},"new":["Points (a) and (ba) of paragraph 1 shall","not apply unless the inside information","had a material influence on the decision","of the person concerned to acquire or","dispose of the financial instruments or to","recommend or induce another person to","do so."],"orig_lang":"en","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"17","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Evelyn Regner","changes":{},"committee":["JURI"],"date":"2012-05-10T00:00:00","id":"PE489.433-18","location":[[" Proposal for a directive","Article 4 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[96998],"meta":{"created":"2019-07-03T05:50:07"},"new":["Member States shall take the necessary","measures to ensure that the following","conduct constitutes a criminal offence,","when committed intentionally or through","gross negligence:"],"old":["Member States shall take the necessary","measures to ensure that the following","conduct constitutes a criminal offence,","","when committed intentionally:"],"orig_lang":"de","peid":"PE489.433v01-00","reference":"2011/0297(COD)","seq":"18","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-489.433+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Rui Tavares","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-9","location":[["Proposal for a directive","Recital 7"]],"meps":[96821],"meta":{"created":"2019-07-03T05:52:19"},"new":["(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."],"old":["(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.","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.",""],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"9","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-10","location":[[" Proposal for a directive","Recital 12 a (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:19"},"new":["(12a) In order for the sanctions for the","offences referred to in Articles 3 and 4 to","be effective and dissuasive, a minimum of","the maximum term of imprisonment","should be set in this Directive."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"10","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-11","location":[[" Proposal for a directive","Recital 13 a (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:19"},"new":["(13a) Member States should fully respect","the ne bis in idem and the favor rei","principles and ensure that if an","administrative sanction has already been","applied, no criminal sanction shall be","applied in relation to the same facts, in","case the administrative and the criminal","sanctions are of the same nature."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"11","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-12","location":[["Proposal for a directive","Recital 14 a (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:19"},"new":["(14a) Member States should take the","necessary measures to ensure that law","enforcement and judicial authorities or","other services responsible for","investigating or prosecuting the offences","referred to in Articles 3 and 4 are","appropriately trained. Member States","should take the necessary measures to","ensure that effective investigative tools are","available for law enforcement and judicial","authorities or other services responsible","for investigating or prosecuting the","offences referred to in Articles 3 and 4."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"12","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-13","location":[["Proposal for a directive","Recital 16 a (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:19"},"new":["(16a) Every conviction imposed according","to this Directive should be promptly made","public and include at least information on","the type and nature of the offence, of the","sanction and the identity of the convicted","natural or legal person, to the extent that","this would not seriously jeopardise the","stability of financial markets or cause","disproportionate damage to the parties","involved."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"13","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Cornelis de Jong","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-14","justification":" The impact assessment of the Commission is very limited when it comes to statistical material.\n It only offers some national statistics but does not contain any information pointing to the\n cross-border nature of the offences. However, considering the transnational nature of many\n financial transactions, it can be assumed that many offences will indeed be of a cross-border\n nature. Although it is regrettable that the EP does not have more information at its disposal,\n taking into account its recent conclusion that before agreeing to criminal sanctions, it should\n actually have at its disposal such information, in this particular instance that does not seem a\n good enough reason to delay the decision-making. However, it does seem consistent for the\n EP to show that it has been aware of this gap in information.","location":[[" Proposal for a directive","Recital 17"]],"meta":{"created":"2019-07-03T05:52:20"},"new":["(17) Although at the moment no reliable","statistics are available about the cross-","border dimension of insider dealing and","market manipulation, considering the","integration of financial markets inside the","Union, it can be safely assumed that many","of these offences are not limited to","transactions in one Member State only.","Against that background, the objective of","this Directive, namely to ensure the","availability of criminal sanctions for the","most serious market abuse offences across","the Union, is likely not to be sufficiently","achieved by the Member States and can","therefore, by reason of the scale and effects","of this Directive, be better achieved at","Union level, the Union may adopt","measures, in accordance with the principle","of subsidiarity as set out in Article 5 of the","Treaty. In accordance with the principle of","proportionality, as set out in that Article,","this Directive does not go beyond what is","necessary to achieve that objective."],"old":["(17) Since the objective of this Directive,","namely to ensure the availability of","criminal sanctions for the most serious","market abuse offences across the Union,","cannot be sufficiently achieved by the","Member States and can therefore, by","reason of the scale and effects of this","Directive, be better achieved at Union","level, the Union may adopt measures, in","accordance with the principle of","subsidiarity as set out in Article 5 of the","Treaty. In accordance with the principle of","proportionality, as set out in that Article,","this Directive does not go beyond what is","necessary to achieve that objective."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"14","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-15","location":[["Proposal for a directive","Recital 17 a (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:20"},"new":["(17a) In order to ensure effective","prosecution of cross-border cases,","Member States should take the necessary","measures to establish their jurisdiction","over the offences referred to in Articles 3","and 4, where the offence has been","committed in whole or in part within their","territory or for the benefit of a natural or","legal person residing or established in the","territory of a Member State."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"15","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Cornelis de Jong","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-16","location":[["Proposal for a directive","Recital 19"]],"meta":{"created":"2019-07-03T05:52:20"},"new":["(19) The Commission should assess the","implementation of this Directive in the","Member States, also with a view to","assessing a possible future need for","introducing minimum harmonisation of the","types and levels of criminal sanctions. In","particular, the Commission should seek to","obtain information on the cross-border","nature of many of the transactions","constituting an offence according to this","Directive, thus strengthening the","implementation of the subsidiarity","principle."],"old":["(19) The Commission should assess the","implementation of this Directive in the","Member States, also with a view to","assessing a possible future need for","introducing minimum harmonisation of the","types and levels of criminal sanctions."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"16","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Bogus\u0142aw Sonik","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-17","justification":" For consistency purposes, the same definitions stipulated in MAR (Art. 5) should be applied\n to MAD.","location":[[" Proposal for a directive","Article 2 \u2013 point 2 a (new)"]],"meps":[28299],"meta":{"created":"2019-07-03T05:52:20"},"new":["2a. \u2018Spot commodity contract\u2019 means any","contract as defined in point (5) of Article","5(10) of Regulation (EU) No...of the","European Parliament and the Council on","insider dealing and market manipulation","shall also apply to this Directive."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"17","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Bogus\u0142aw Sonik","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-18","justification":"For consistency purposes, the same definitions stipulated in MAR (Art. 5) should be applied\nto MAD.","location":[[" Proposal for a directive","Article 2 \u2013 point 2 b (new)"]],"meps":[28299],"meta":{"created":"2019-07-03T05:52:20"},"new":["2b. \u2018Emission allowance\u2019 means a","financial instrument as defined in point","(11) of Section C of Annex I of Directive","2012/.../EU of the European Parliament","and of the Council of [...] on the market","in financial instruments."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"18","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Bogus\u0142aw Sonik","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-19","location":[["Proposal for a directive","Article 5 \u2013 paragraph 1"]],"meps":[28299],"meta":{"created":"2019-07-03T05:52:20"},"new":["1. Member States shall take the necessary","measures to ensure that inciting, aiding and","abetting and attempting to commit the","criminal offences referred to in Articles 3","and 4 are punishable as criminal offences."],"old":["1. Member States shall take the necessary","measures to ensure that inciting, aiding and","abetting the criminal offences referred to in","Articles 3 and 4 are punishable as criminal","offences."],"orig_lang":"pl","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"19","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Bogus\u0142aw Sonik","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-20","justification":"The determination of further specific levels of penalties for individual types of offences will\nremain a matter for the Member States. Simply determining that an offence is a criminal one\nand pointing out that sanctions should be effective, proportional and dissuasive will allow\nMember States which had not hitherto imposed criminal sanctions for the behaviours outlined\n\n in the directive to lay down penalties for such actions and to adapt the level of the penalties\n involved in line with their own policies for determining punishment.","location":[["Proposal for a directive","Article 6"]],"meps":[28299],"meta":{"created":"2019-07-03T05:52:20"},"new":["Member States shall take the necessary","measures to ensure that criminal offences","referred to in Articles 3(a) and 4(a), (b)","and (c) are punishable by criminal","sanctions which are effective,","proportionate and dissuasive."],"old":["Member States shall take the necessary","measures to ensure that criminal offences","referred to in Articles 3 to 5 are punishable","by criminal sanctions which are effective,","proportionate and dissuasive."],"orig_lang":"pl","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"20","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-21","location":[[" Proposal for a directive","Article 8 a (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:20"},"new":["Article 8a","Jurisdiction","Member States shall take the necessary","measures to establish their jurisdiction","over the offences referred to in Articles 3","and 4, where :","(a) the offence has been committed in","whole or in part within their territory; or","(b) the offence has been committed for the","benefit of a natural or a legal person","residing or established in the territory of a","Member State."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"21","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-22","location":[[" Proposal for a directive","Article 8 b (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:20"},"new":["Article 8b","Ne bis in idem","Members States shall ensure that if an","administrative sanction has already been","applied, no criminal sanction shall be","applied in relation to the same facts in","case the administrative and the criminal","sanctions are of the same nature."],"old":["",""],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"22","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Emine Bozkurt","changes":{},"committee":["LIBE"],"date":"2012-06-05T00:00:00","id":"PE490.975-23","location":[["Proposal for a directive","Article 8 c (new)"]],"meps":[28171],"meta":{"created":"2019-07-03T05:52:20"},"new":["Article 8c","Training and investigative tools","1. Member States shall take the necessary","measures to ensure that law enforcement","and judicial authorities or other services","responsible for investigating or","prosecuting the offences referred to in","Articles 3 and 4 are appropriately trained.","2. Member States shall take the necessary","measures to ensure that effective","investigative tools are available for law","enforcement and judicial authorities or","other services responsible for","investigating or prosecuting the offences","referred to in Articles 3 and 4."],"orig_lang":"en","peid":"PE490.975v01-00","reference":"2011/0297(COD)","seq":"23","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-490.975+01+DOC+PDF+V0//EN&language=EN"}],"changes":{"2014-11-09T23:31:13":[{"data":[{"body":"EC","commission":[{"Commissioner":"BARNIER Michel","DG":{"title":"Internal Market and Services","url":"http://ec.europa.eu/dgs/internal_market/"}}],"date":"2011-10-20T00:00:00","docs":[{"celexid":"CELEX:52011PC0654:EN","text":["
PURPOSE: to lay down minimum rules on\n criminal sanctions for insider dealing and market manipulation.
PROPOSED ACT: Directive of the European\n Parliament and the Council.
BACKGROUND: adopted in early 2003, the\n Market Abuse Directive (MAD) 2003/6/EC introduced a comprehensive framework\n to tackle insider dealing and market manipulation practices, jointly referred\n to as \"market abuse\". However, experience has shown that the\n objective of the Directive, to increase investor confidence and market\n integrity, has not been achieved.
The report by the High-Level Group on\n Financial Supervision in the EU recommended that a sound prudential and\n conduct of business framework for the financial sector must rest on strong\n supervisory and sanctioning regimes. To this end, the Group considers that\n supervisory authorities must be equipped with sufficient powers to act and\n should be able to rely on equal, strong and deterrent sanctions regimes\n against all financial crimes, sanctions which should be enforced effectively.\n However, the High-Level Group considers that none of these is currently in\n place\" and Member States sanctioning regimes are regarded as in\n general weak and heterogeneous.
The Commission has published a Communication with regard to sanction regimes in the\n financial sector. It concluded that the Commission will\n assess whether the introduction of criminal sanctions, and the establishment\n of minimum rules on the definition of criminal offences and sanctions may\n prove to be essential in order to ensure the effective implementation of EU\n financial services legislation
Following the approach set out in the Communication of 20 September 2011 \"Towards an EU criminal\n policythe Commission\n considers that minimum rules on criminal offences and on criminal sanctions\n for market abuse, which would be transposed into national criminal law and\n applied by the criminal justice systems of the Member States, can contribute\n to ensuring the effectiveness of this Union policy.
IMPACT ASSESSMENT: the Commission\n conducted an impact assessment of policy alternatives. Policy options related\n to criminal sanctions were considered as part of this preparatory work. One\n of the problems identified in the impact assessment is the fact that the\n sanctions currently in place to fight market abuse offences are lacking\n impact and are insufficiently dissuasive, which results in ineffective\n enforcement of the Directive. In addition, the definition of which insider\n dealing or market manipulation offences constitute criminal offences diverges\n considerably from Member State to Member State. For example, five Member\n States do not provide for criminal sanctions for disclosure of inside\n information by primary insiders and eight Member States do not do so for\n secondary insiders.
Since market abuse can be carried out\n across borders, this divergence undermines the internal market and leaves a\n certain scope for perpetrators of market abuse to carry such abuse in\n jurisdictions which do not provide for criminal sanctions for a particular\n offence. The impact assessment concluded that requiring Member States to introduce\n criminal sanctions for the most serious market abuse offences was essential to\n ensure the effective implementation of the Union policy on market abuse.
LEGAL BASIS: Article 83 (2) of the TFEU.
CONTENT: proposals to strengthen and\n ensure the coherence of administrative sanctions are included in the proposal\n for a Regulation of the European Parliament and the Council on\n insider dealing and market manipulationthat also intends to remedy other major problems in\n the existing system.
This proposal lays down a requirement for\n Member States to provide for minimum rules on the definition of the most\n serious market abuse offences and on minimum levels of criminal sanctions\n attached to them. The main points are as follows:
BUDGETARY IMPLICATIONS: the proposal has\n no implications for the Union budget.
\nThe Council reached a partial general approach\non a directive on criminal sanctions for insider dealing and market\nmanipulation (\"market abuse directive\").
\nThe partial general approach serves as a base for\nfuture discussion on the draft directive. It concerns in particular\nprovisions on \"inciting, aiding and abetting, and attempt\"\n(Art. 5), \"criminal sanctions\" (Art. 6), \"liability of\nlegal persons\" (Art. 7), \"sanctions for legal persons\"\n(Art. 8) and the report on the application of the directive\n(Art. 9).
\nDuring the discussions, some delegations expressed the\nnecessity that the directive should also approximate the types and\nlevels of penalties, while some other delegations opposed to this\nview. The proposed compromise establishes that by four years after\nthe entry into force of the directive, the European Commission\nshall report on the application of the directive and, if necessary,\non the need to review it, including with regard to the\nappropriateness of introducing common minimum rules on types and\nlevels of criminal sanctions.
\nSince many elements in the draft directive depend\ndirectly or indirectly from the content of other instruments (in\nparticular the regulation on insider dealing and market\nmanipulation - \"MAR\"), the Council will await the\nresult of the discussions in the preparatory bodies to properly\naddress the remaining parts (Articles 1 to 4). It has to be noted\nthat the partial general approach does not prejudice further\ndiscussions on such remaining parts and may in the future need\nfurther elaboration if necessary, before enter into negotiations\nwith the European Parliament, co-legislator in this\nmatter.
\nThe Committee on Economic and Monetary Affairs\nadopted the report by Arlene McCARTHY (S&D, UK) on the proposal\nfor a directive of the European Parliament and of the Council on\ncriminal sanctions for insider dealing and market\nmanipulation.
\nThe committee recommends that the position of the\nEuropean Parliament in first reading following the ordinary\nlegislative procedure should amend the commission proposal as\nfollows:
\nSubject matter and scope: Members consider that the Directive should ensure\nthe integrity of financial markets in the Union and\nenhance investor protection and confidence in those markets.\nIt should also apply to interest rates, currencies, benchmarks,\ninter bank offer rates, indexes and types of financial\ninstruments, including any derivative contracts or\nderivative instruments, which derive their value from the value of\ninterest rates, currencies or indexes.
\nInsider dealing and market\nmanipulation: since many financial\ninstruments are priced by reference to benchmarks, it necessary to\ncomplement the general prohibition of insider dealing and market\nmanipulation by prohibiting the manipulation of the benchmark\nitself and any transmission of false or misleading information,\nprovision of false or misleading inputs, or any other action that\nmanipulates the calculation of a benchmark, including the\nbenchmark's methodology. The mere transmission of false or\nmisleading information relating to an interbank offer rate or other\nbenchmark should be covered by the definition of market\nmanipulation.
\nCriminal sanctions:\nMembers consider that the imposition of criminal sanctions\nfor the most serious market abuses will have an\nincreased deterrent effect on potential offenders.
\nTo ensure that sanctions have a dissuasive\neffect on the public at large, they shall, where\nappropriate, be published, without undue delay,\nincluding at least information on the type and nature of the crime\nand the identity of persons responsible for it, unless such\npublication would seriously jeopardise the stability of financial\nmarkets. Where publication would cause disproportionate damage to\nthe parties involved, competent authorities shall publish the\nmeasures and sanctions on an anonymous basis.
\nThe criminal offences referred to in the directive\nshould be punishable by a maximum term of imprisonment of\nbetween two and five years, depending on the offence\ncommitted.
\nIn assessing the proportionality of sanctions,\nMember States shall take into account the profits made or losses\navoided by the persons held liable as well as the damage resulting\nfrom the offence to other persons and, where applicable, the damage\nto the functioning of markets or the wider economy.
\nDisclosure of information in the media: Members consider that where information is\ndisclosed or disseminated for the purpose of journalism, such\ndisclosure or dissemination of information should be assessed\ntaking into account the rules governing the freedom\nof expression, the freedom and pluralism of the\nmedia and the rules or codes governing the journalist\nprofession.
\nJurisdiction: in order\nto ensure effective prosecution of cross-border cases, Member\nStates should take the necessary measures to establish their\njurisdiction over offences, where the offence has been\ncommitted in whole or in part within their territory or for the\nbenefit of a natural or legal person residing or established in the\nterritory of a Member State.
\nMember States should also take the necessary measures\nto ensure that law enforcement and judicial authorities or other\nservices responsible for investigating offences have sufficient\nresources and are appropriately trained.
\nThe European Parliament adopted by 618 votes to 20,\nwith 43 abstentions, a legislative resolution on the proposal for a\ndirective of the European Parliament and of the Council on criminal\nsanctions for insider dealing and market manipulation.
\nParliament adopted its position at first reading\nfollowing the ordinary legislative procedure. The amendments\nadopted in plenary are the result of an agreement reached between\nthe European Parliament and the Council. They amended the proposal\nas follows:
\nCriminal offences: in\norder to ensure the integrity of financial markets in the Union and\nto enhance investor protection and confidence in those markets,\nMember States should take the necessary measures to ensure that\ninsider dealing, recommending or inducing another person to\nengage in insider dealing constitute criminal offences at least\nin serious cases and when committed intentionally.
\nCriminal penalties for natural persons: Member States should take the necessary measures to\nensure that the following offences are punishable by a maximum\nterm of imprisonment of at least four years:
\n(1) Insider dealing, recommending or inducing another\nperson to engage in insider dealing:
\n(2) Market manipulation:\nmarket manipulation shall comprise the following\nactivities:
\nMember States should take the necessary measures to\nensure that the offences relating to the unlawful disclosure of\ninside information are punishable by a maximum term of\nimprisonment of at least two years.
\nSanctions for legal persons: Member States should take the necessary measures to\nensure that a legal person held liable pursuant to the Directive is\nsubject to effective, proportionate and dissuasive sanctions, which\nshall include criminal or non-criminal fines and may include other\nsanctions, such as:
\nJurisdiction: Member\nStates should take the necessary measures to establish their\njurisdiction over the offences referred to in Articles 3 (insider\ndealing) and 5 (inciting, aiding and abetting, and attempt) where\nthe offence has been committed: (a) in whole or in part within\ntheir territory; or (b) by one of their nationals, at least in\ncases where the act is an offence where it was\ncommitted.
\nTraining: Member States\nshould request those responsible for the training of judges,\nprosecutors, police, judicial and those competent authorities'\nstaff involved in criminal proceedings and investigations to\nprovide appropriate training with respect to the objectives of this\nDirective.
\nThis Directive should be applied taking into account\nthe legal framework established by the Regulation on insider dealing and market\nmanipulation (market abuse) [MAR] and its\nimplementing measures.
\nPURPOSE: to ensure the availability of criminal\nsanctions for at least serious market abuse across the\nUnion.
\nLEGISLATIVE ACT: Directive 2014/57/EU of the European\nParliament and of the Council on criminal sanctions for market\nabuse (market abuse directive).
\nCONTENT: This Directive establishes minimum rules\nfor criminal sanctions for insider dealing, for unlawful\ndisclosure of inside information and for market manipulation to\nensure the integrity of financial markets in the Union and to\nenhance investor protection and confidence in those markets. The\nDirective should be applied in the context of the legal framework\nestablished by the Regulation on the operations initiated and market\nabuse (market abuse regulation - MAR)\nand its implementing measures.
\nSpecifially, the new Directive on market abuse should\noblige Member States to provide in their national law for\ncriminal penalties in respect of insider dealing, market\nmanipulation and unlawful disclosure of inside information when\nthese offences are committed intentionally.
\nCriminal penalties for natural persons: in order for the sanctions for the offences to be\neffective and dissuasive, the Directive sets a minimum level for\nthe maximum term of imprisonment.
\nWould be punishable by a maximum term of imprisonment\nof at least four years:
\n\n· \noffences linked to insider dealing and\nrecommending that another person engage in insider dealing, or\ninducing another person;
\n\n· \noffences linked to market manipulations\n(such as for example, offences linked to transmitting false or\nmisleading information or providing false or misleading inputs or\nany other behaviour which manipulates the calculation of a\nbenchmark, such as LIBOR).
\nOffences linked to unlawful disclosure of inside\ninformation would be punishable by a maximum term of imprisonment\nof at least two years.
\nLiability of legal persons: the Directive requires Member States to take the\nnecessary measures to ensure that legal persons can be held liable\nfor the offences referred to in the Directive committed for their\nbenefit by any person, acting either individually or as part of an\norgan of the legal person, and having a leading position within the\nlegal person.
\nA legal person held liable is subject to effective,\nproportionate and dissuasive sanctions, which shall include\ncriminal or non-criminal fines and may include other sanctions,\nsuch as
\n\n· \nexclusion from entitlement to public benefits or\naid;
\n\n· \ntemporary or permanent disqualification from the\npractice of commercial activities;
\n\n· \nplacing under judicial supervision;
\n\n· \njudicial winding-up;
\n\n· \ntemporary or permanent closure of establishments\nwhich have been used for committing the offence.
\nTraining: Member States\nshall request those responsible for the training of judges,\nprosecutors, police, judicial and those competent authorities\nstaff involved in criminal proceedings and investigations to\nprovide appropriate training with respect to the objectives of this\nDirective.
\nReport: by 4 July 2018,\nthe Commission shall report on the functioning of this Directive\nand, if necessary, on the need to amend it, including with regard\nto the interpretation of serious cases and the level of sanctions\nprovided by Member States.
\nENTRY INTO FORCE: 02.07.2014.
\nTRANSPOSITION : no later than 03.07.2016.
\nPURPOSE: to lay down minimum rules on\n criminal sanctions for insider dealing and market manipulation.
PROPOSED ACT: Directive of the European\n Parliament and the Council.
BACKGROUND: adopted in early 2003, the\n Market Abuse Directive (MAD) 2003/6/EC introduced a comprehensive framework\n to tackle insider dealing and market manipulation practices, jointly referred\n to as \"market abuse\". However, experience has shown that the\n objective of the Directive, to increase investor confidence and market\n integrity, has not been achieved.
The report by the High-Level Group on\n Financial Supervision in the EU recommended that a sound prudential and\n conduct of business framework for the financial sector must rest on strong\n supervisory and sanctioning regimes. To this end, the Group considers that\n supervisory authorities must be equipped with sufficient powers to act and\n should be able to rely on equal, strong and deterrent sanctions regimes\n against all financial crimes, sanctions which should be enforced effectively.\n However, the High-Level Group considers that none of these is currently in\n place\" and Member States sanctioning regimes are regarded as in\n general weak and heterogeneous.
The Commission has published a Communication with regard to sanction regimes in the\n financial sector. It concluded that the Commission will\n assess whether the introduction of criminal sanctions, and the establishment\n of minimum rules on the definition of criminal offences and sanctions may\n prove to be essential in order to ensure the effective implementation of EU\n financial services legislation
Following the approach set out in the Communication of 20 September 2011 \"Towards an EU criminal\n policythe Commission\n considers that minimum rules on criminal offences and on criminal sanctions\n for market abuse, which would be transposed into national criminal law and\n applied by the criminal justice systems of the Member States, can contribute\n to ensuring the effectiveness of this Union policy.
IMPACT ASSESSMENT: the Commission\n conducted an impact assessment of policy alternatives. Policy options related\n to criminal sanctions were considered as part of this preparatory work. One\n of the problems identified in the impact assessment is the fact that the\n sanctions currently in place to fight market abuse offences are lacking\n impact and are insufficiently dissuasive, which results in ineffective\n enforcement of the Directive. In addition, the definition of which insider\n dealing or market manipulation offences constitute criminal offences diverges\n considerably from Member State to Member State. For example, five Member\n States do not provide for criminal sanctions for disclosure of inside\n information by primary insiders and eight Member States do not do so for\n secondary insiders.
Since market abuse can be carried out\n across borders, this divergence undermines the internal market and leaves a\n certain scope for perpetrators of market abuse to carry such abuse in\n jurisdictions which do not provide for criminal sanctions for a particular\n offence. The impact assessment concluded that requiring Member States to introduce\n criminal sanctions for the most serious market abuse offences was essential to\n ensure the effective implementation of the Union policy on market abuse.
LEGAL BASIS: Article 83 (2) of the TFEU.
CONTENT: proposals to strengthen and\n ensure the coherence of administrative sanctions are included in the proposal\n for a Regulation of the European Parliament and the Council on\n insider dealing and market manipulationthat also intends to remedy other major problems in\n the existing system.
This proposal lays down a requirement for\n Member States to provide for minimum rules on the definition of the most\n serious market abuse offences and on minimum levels of criminal sanctions\n attached to them. The main points are as follows:
BUDGETARY IMPLICATIONS: the proposal has\n no implications for the Union budget.
\nThe Council reached a partial general approach\non a directive on criminal sanctions for insider dealing and market\nmanipulation (\"market abuse directive\").
\nThe partial general approach serves as a base for\nfuture discussion on the draft directive. It concerns in particular\nprovisions on \"inciting, aiding and abetting, and attempt\"\n(Art. 5), \"criminal sanctions\" (Art. 6), \"liability of\nlegal persons\" (Art. 7), \"sanctions for legal persons\"\n(Art. 8) and the report on the application of the directive\n(Art. 9).
\nDuring the discussions, some delegations expressed the\nnecessity that the directive should also approximate the types and\nlevels of penalties, while some other delegations opposed to this\nview. The proposed compromise establishes that by four years after\nthe entry into force of the directive, the European Commission\nshall report on the application of the directive and, if necessary,\non the need to review it, including with regard to the\nappropriateness of introducing common minimum rules on types and\nlevels of criminal sanctions.
\nSince many elements in the draft directive depend\ndirectly or indirectly from the content of other instruments (in\nparticular the regulation on insider dealing and market\nmanipulation - \"MAR\"), the Council will await the\nresult of the discussions in the preparatory bodies to properly\naddress the remaining parts (Articles 1 to 4). It has to be noted\nthat the partial general approach does not prejudice further\ndiscussions on such remaining parts and may in the future need\nfurther elaboration if necessary, before enter into negotiations\nwith the European Parliament, co-legislator in this\nmatter.
\nThe Committee on Economic and Monetary Affairs\nadopted the report by Arlene McCARTHY (S&D, UK) on the proposal\nfor a directive of the European Parliament and of the Council on\ncriminal sanctions for insider dealing and market\nmanipulation.
\nThe committee recommends that the position of the\nEuropean Parliament in first reading following the ordinary\nlegislative procedure should amend the commission proposal as\nfollows:
\nSubject matter and scope: Members consider that the Directive should ensure\nthe integrity of financial markets in the Union and\nenhance investor protection and confidence in those markets.\nIt should also apply to interest rates, currencies, benchmarks,\ninter bank offer rates, indexes and types of financial\ninstruments, including any derivative contracts or\nderivative instruments, which derive their value from the value of\ninterest rates, currencies or indexes.
\nInsider dealing and market\nmanipulation: since many financial\ninstruments are priced by reference to benchmarks, it necessary to\ncomplement the general prohibition of insider dealing and market\nmanipulation by prohibiting the manipulation of the benchmark\nitself and any transmission of false or misleading information,\nprovision of false or misleading inputs, or any other action that\nmanipulates the calculation of a benchmark, including the\nbenchmark's methodology. The mere transmission of false or\nmisleading information relating to an interbank offer rate or other\nbenchmark should be covered by the definition of market\nmanipulation.
\nCriminal sanctions:\nMembers consider that the imposition of criminal sanctions\nfor the most serious market abuses will have an\nincreased deterrent effect on potential offenders.
\nTo ensure that sanctions have a dissuasive\neffect on the public at large, they shall, where\nappropriate, be published, without undue delay,\nincluding at least information on the type and nature of the crime\nand the identity of persons responsible for it, unless such\npublication would seriously jeopardise the stability of financial\nmarkets. Where publication would cause disproportionate damage to\nthe parties involved, competent authorities shall publish the\nmeasures and sanctions on an anonymous basis.
\nThe criminal offences referred to in the directive\nshould be punishable by a maximum term of imprisonment of\nbetween two and five years, depending on the offence\ncommitted.
\nIn assessing the proportionality of sanctions,\nMember States shall take into account the profits made or losses\navoided by the persons held liable as well as the damage resulting\nfrom the offence to other persons and, where applicable, the damage\nto the functioning of markets or the wider economy.
\nDisclosure of information in the media: Members consider that where information is\ndisclosed or disseminated for the purpose of journalism, such\ndisclosure or dissemination of information should be assessed\ntaking into account the rules governing the freedom\nof expression, the freedom and pluralism of the\nmedia and the rules or codes governing the journalist\nprofession.
\nJurisdiction: in order\nto ensure effective prosecution of cross-border cases, Member\nStates should take the necessary measures to establish their\njurisdiction over offences, where the offence has been\ncommitted in whole or in part within their territory or for the\nbenefit of a natural or legal person residing or established in the\nterritory of a Member State.
\nMember States should also take the necessary measures\nto ensure that law enforcement and judicial authorities or other\nservices responsible for investigating offences have sufficient\nresources and are appropriately trained.
\nThe European Parliament adopted by 618 votes to 20,\nwith 43 abstentions, a legislative resolution on the proposal for a\ndirective of the European Parliament and of the Council on criminal\nsanctions for insider dealing and market manipulation.
\nParliament adopted its position at first reading\nfollowing the ordinary legislative procedure. The amendments\nadopted in plenary are the result of an agreement reached between\nthe European Parliament and the Council. They amended the proposal\nas follows:
\nCriminal offences: in\norder to ensure the integrity of financial markets in the Union and\nto enhance investor protection and confidence in those markets,\nMember States should take the necessary measures to ensure that\ninsider dealing, recommending or inducing another person to\nengage in insider dealing constitute criminal offences at least\nin serious cases and when committed intentionally.
\nCriminal penalties for natural persons: Member States should take the necessary measures to\nensure that the following offences are punishable by a maximum\nterm of imprisonment of at least four years:
\n(1) Insider dealing, recommending or inducing another\nperson to engage in insider dealing:
\n(2) Market manipulation:\nmarket manipulation shall comprise the following\nactivities:
\nMember States should take the necessary measures to\nensure that the offences relating to the unlawful disclosure of\ninside information are punishable by a maximum term of\nimprisonment of at least two years.
\nSanctions for legal persons: Member States should take the necessary measures to\nensure that a legal person held liable pursuant to the Directive is\nsubject to effective, proportionate and dissuasive sanctions, which\nshall include criminal or non-criminal fines and may include other\nsanctions, such as:
\nJurisdiction: Member\nStates should take the necessary measures to establish their\njurisdiction over the offences referred to in Articles 3 (insider\ndealing) and 5 (inciting, aiding and abetting, and attempt) where\nthe offence has been committed: (a) in whole or in part within\ntheir territory; or (b) by one of their nationals, at least in\ncases where the act is an offence where it was\ncommitted.
\nTraining: Member States\nshould request those responsible for the training of judges,\nprosecutors, police, judicial and those competent authorities'\nstaff involved in criminal proceedings and investigations to\nprovide appropriate training with respect to the objectives of this\nDirective.
\nThis Directive should be applied taking into account\nthe legal framework established by the Regulation on insider dealing and market\nmanipulation (market abuse) [MAR] and its\nimplementing measures.
\nPURPOSE: to ensure the availability of criminal\nsanctions for at least serious market abuse across the\nUnion.
\nLEGISLATIVE ACT: Directive 2014/57/EU of the European\nParliament and of the Council on criminal sanctions for market\nabuse (market abuse directive).
\nCONTENT: This Directive establishes minimum rules\nfor criminal sanctions for insider dealing, for unlawful\ndisclosure of inside information and for market manipulation to\nensure the integrity of financial markets in the Union and to\nenhance investor protection and confidence in those markets. The\nDirective should be applied in the context of the legal framework\nestablished by the Regulation on the operations initiated and market\nabuse (market abuse regulation - MAR)\nand its implementing measures.
\nSpecifially, the new Directive on market abuse should\noblige Member States to provide in their national law for\ncriminal penalties in respect of insider dealing, market\nmanipulation and unlawful disclosure of inside information when\nthese offences are committed intentionally.
\nCriminal penalties for natural persons: in order for the sanctions for the offences to be\neffective and dissuasive, the Directive sets a minimum level for\nthe maximum term of imprisonment.
\nWould be punishable by a maximum term of imprisonment\nof at least four years:
\n\n· \noffences linked to insider dealing and\nrecommending that another person engage in insider dealing, or\ninducing another person;
\n\n· \noffences linked to market manipulations\n(such as for example, offences linked to transmitting false or\nmisleading information or providing false or misleading inputs or\nany other behaviour which manipulates the calculation of a\nbenchmark, such as LIBOR).
\nOffences linked to unlawful disclosure of inside\ninformation would be punishable by a maximum term of imprisonment\nof at least two years.
\nLiability of legal persons: the Directive requires Member States to take the\nnecessary measures to ensure that legal persons can be held liable\nfor the offences referred to in the Directive committed for their\nbenefit by any person, acting either individually or as part of an\norgan of the legal person, and having a leading position within the\nlegal person.
\nA legal person held liable is subject to effective,\nproportionate and dissuasive sanctions, which shall include\ncriminal or non-criminal fines and may include other sanctions,\nsuch as
\n\n· \nexclusion from entitlement to public benefits or\naid;
\n\n· \ntemporary or permanent disqualification from the\npractice of commercial activities;
\n\n· \nplacing under judicial supervision;
\n\n· \njudicial winding-up;
\n\n· \ntemporary or permanent closure of establishments\nwhich have been used for committing the offence.
\nTraining: Member States\nshall request those responsible for the training of judges,\nprosecutors, police, judicial and those competent authorities\nstaff involved in criminal proceedings and investigations to\nprovide appropriate training with respect to the objectives of this\nDirective.
\nReport: by 4 July 2018,\nthe Commission shall report on the functioning of this Directive\nand, if necessary, on the need to amend it, including with regard\nto the interpretation of serious cases and the level of sanctions\nprovided by Member States.
\nENTRY INTO FORCE: 02.07.2014.
\nTRANSPOSITION : no later than 03.07.2016.
\n