TRANSPOSITION TABLES OF MARKET ABUSE DIRECTIVE AND ITS IMPLEMENTING MEASURES
|
|
- Arline Hancock
- 5 years ago
- Views:
Transcription
1 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse). Implemented by Act No. IV of 2005 entitled An Act to Prevent Financial Markets Abuse, (hereinafter referred to as the New Act ) brought into force on 1 st April, 2005 by L.N. 92 of The Insider Dealing and Market Abuse Offences Act was repealed by the New Act. 2003/6/EC Subject-Matter New Act Other Guidelines, Byelaws, Laws and explanation. Article 1 Definitions Most definitions are incorporated in Article 2 of the New Act except definition of Market Manipulation which is in Art 8 of the New Act & definition of Financial Instruments which is introduced in the New Act by Article 30(2)(d). Article 2 Prohibited use of Inside Information Article 6 of the New Act. Article 3 Prohibition of disclosure of inside information in certain cases. Article 4 Prohibition of insider dealing & disclosure of inside information in certain cases & where person ought to have known that information was inside information. Article 6 (2) of the New Act. Article 6 (3) of the New Act. Article 5 Prohibition of Market Manipulation Article 8 of the New Act. 1
2 2003/6/EC Subject-Matter New Act Other Guidelines, Byelaws, Laws and explanation. Article 6 Duty of Public Disclosure of insider information Article 7 Non applicability of to certain acts of Member State etc ( Safe-harbour Provisions ) Article 6 (1), (2) & (3) MAD are partly implemented in Article 9 of the New Act. Article 6(4) MAD is implemented in Article 10 of the New Act. Article 6(5) MAD is implemented in Article 12 of the New Act. Art 6 (6) has already been sufficiently transposed with the help of Malta Stock Exchange in the form of Bye-Laws. Article 6(7) MAD is implemented in Article 21 of the New Act which allows MFSA to issue rules etc inter alia to ensure that the public is correctly informed. Article 6 (8) MAD is implemented by article 7 of the New Act addressed to institutions disseminating statistics. Article 6(9) MAD is implemented in Article 11 of the New Act. Article 6(10) MAD does not appear to require implementation by Malta. Article 4 (3) of the New Act. Articles 6 (1), (2) (3), (4), (5) & (9) of MAD as well as the related implementing measures are further implemented in the Prevention of Financial Markets Abuse (Disclosure and Notification) Regulations,
3 2003/6/EC Subject-Matter New Act Other Guidelines, Byelaws, Laws and explanation. Article 8 Exceptions in case of buy-back programmes & stabilisation of issues. ( Safe-harbour Provisions ) Article 4(4) of the New Act. Article 9 Applicability of to Financial Article 4(1) of the New Act. Instruments on Regulated Markets. Article 10 Territorial Applicability of by Article 5 on Jurisdiction in the New Act. Member States. Article 11 Appointment of single competent authority. The MFSA is designated as the Competent Authority in Article 2 of the New Act. Article 11(2) MAD is already partly transposed by virtue of the existence of the Financial Services Consultation Council. Article 12 Supervisory & investigatory powers of Competent Authority. Article 13 (1) & (2) and Articles of the New Act. It has not yet been determined as to what guidance (if any) will be issued. None currently exists. Malta Financial Services Authority Act. Malta Financial Services Authority Act (on powers granted to MFSA). Article 13 Professional Secrecy Provisions of this nature already covered in the Professional Secrecy Act and the Malta Financial Services Authority Act. Investment Services Act (on powers granted to MFSA). Professional Secrecy Act & Malta Financial Services Authority Act. 3
4 2003/6/EC Article 14 Article 15 Subject-Matter New Act Other Guidelines, Byelaws, Laws and explanation. Criminal Sanctions & other administrative measures. Right to Appeal decisions of Competent Authority Article 16 Co-operation between Competent Authorities in different Member States. Articles 22 and 24 of the New Act. Article 23 of New Act makes an appeal from administrative measures possible to the Financial Services Tribunal already in existence. Article 13 (3) (5) and Article 20 of the New Act. Article 17 Co-operation between Commission & Does not appear to require implementation CESR by Malta. Article 18 Transposition N/A Article 19 Territorial application N/A Article 20 89/592/EEC N/A N/A Article 21 Entry into Force of N/A N/A Article 22 Addressees of N/A N/A According to the Investment Services Act, the MFSA is empowered to impose administrative penalties on licensees; such penalties may not exceed Lm 40,000 (approx. Euro. 96,000). The MFSA is also empowered to repeal, cancel or suspend licences for non-observance of relevant laws and rules. Existing law on Investment Services allows the MFSA to issue a public statement as to a licensee s misconduct; this measure was extended for purposes of the MAD. Article 21 of the Malta Financial Services Authority Act establishing a Financial Services Tribunal. Malta Financial Services Authority Act (on wide powers of co-operation given to MFSA). 4
5 Commission 2003/124/EC of 22 December 2003 implementing 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation Implemented by L.N. 108 of 2005 Prevention of Financial Markets Abuse (Disclosure and Notification) Regulations, 2005; L.N. 107 of 2005 Prevention of Financial Markets Abuse (Market Practices and Manipulative Behaviour) Regulations, /124/EC Subject-Matter Prevention of Financial Markets Abuse (Disclosure and Notification) Regulations, 2005 Prevention of Financial Markets Abuse (Market Practices and Manipulative Behaviour) Regulations, 2005 Other Guidelines, Byelaws, Laws Article 1 Inside information Incorporated into Article 2 of the New Act. (in definition of inside information) Article 2 Means and time-limits for public disclosure of inside information Article 3 Legitimate interests for delaying public disclosure and confidentiality Article 4 Manipulative behaviour related to false or misleading signals and to price securing Article 5 Manipulative behaviours related to the employment of fictitious devices or any other form of deception or contrivance Regulation 4 of regulations above. Regulation 6 of regulations above. Regulation 6 of regulations above.. Regulation 7 of regulations above. Article 6 Transposition N/A N/A N/A Article 7 Entry into force N/A N/A N/A Article 8 Addressees N/A N/A N/A Being implemented in Listing Rules 5
6 Commission 2003/125/EC of 22 December 2003 implementing 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest. Implemented by L.N. 106 of 2005 Prevention of Financial Markets Abuse (Fair Presentation of Investment Recommendations and Disclosure of Conflicts of Interest) Regulations, /125/EC Art. Number Subject-Matter Prevention of Financial Markets Abuse (Fair presentation of investment recommendations and disclosure of conflicts of interest) Regulations, 2005 Article 1 Definitions Regulation 2 of Regulations reflects definitions of exactly. Article 2 Identity of producers of recommendations Incorporated into regulation 4 of Other Guidelines, Byelaws, Laws which may be relevant. Investment Services Guidelines: Part C Standard Licence Conditions. Article 3 General standard for fair presentation of recommendations Article 4 Additional obligations in relation to fair presentation of recommendations Article 5 General standard for disclosure of interests and conflicts of interest Article 6 Additional obligations in relation to disclosure of interests or conflicts of interest Article 7 Identity of disseminators of recommendations Incorporated into regulation 5 of Incorporated into regulation 6 of Incorporated into regulation 7 of Incorporated into regulation 8 of Incorporated into regulation 9 of Recommendations/advice on Investment services is a Licensable activity under the Investment Services Act. Investment Services Guidelines: Part C Standard Licence Conditions. Relevant person Licence Holders making recommendations. MSE Bye-Laws. Same as above MSE Bye-Laws Same as Article 5 above 6
7 2003/125/EC Art. Number Subject-Matter Prevention of Financial Markets Abuse (Fair presentation of investment recommendations and disclosure of conflicts of interest) Regulations, 2005 Incorporated into regulation 10 of Article 8 General standard for dissemination of recommendations by third parties. Article 9 Additional obligations for investment firms Incorporated into regulation 11 of and credit institutions Article 10 Transposition n/a N/A Article 11 Entry into force of N/A N/A Article 12 Addressees of N/A N/A Other Guidelines, Byelaws, Laws which may be relevant. 7
8 Commission 2004/72/EC of 29 April 2004 implementing 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions. Implemented by L.N. 108 of 2005 Prevention of Financial Markets Abuse (Disclosure and Notification) Regulations, 2005; L.N. 107 of 2005 Prevention of Financial Markets Abuse (Market Practices and Manipulative Behaviour) Regulations, Subject-Matter of Article Prevention of Financial Markets Prevention of Financial Markets Other Guidelines, Byelaws, Laws 2004/72/EC Abuse (Disclosure and Abuse (Market Practices and which may be relevant. Notification) Regulations, 2005 Manipulative Behaviour) Regulations, 2005 Article 1 Definitions Definitions all included in Article 2 of the New Act Article 2 Factors to be taken into Incorporated into regulation 4 of Mifid/ISD11- IS Guidelines Part C account when considering MSE Bye-Laws Chapter 4 and Chapter 3. market practices Article 3 Consultation procedures and disclosure of decisions Article 4 Inside information in relation to derivatives on commodities Article 5 Lists of insiders Partly implemented by regulation 8 of Article 6 Managers' Transactions Partly implemented by regulation 9 of Article 7 Suspicious transactions to be Partly implemented by regulation notified 9 (3) (5) of Article 8 Timeframe for notification Incorporated into relevant regulations of Incorporated into regulation 5 of MFSA General Notification s applicable to Recognised Investment Exchanges. Incorporated into Article 6(4) of the New Act. Partly implemented by Article 9 (4) of the New Act. Partly implemented by Article 10 of the New Act. Partly implemented by Article 11 of the New Act. 8
9 2004/72/EC Subject-Matter of Article Prevention of Financial Markets Abuse (Disclosure and Notification) Regulations, 2005 Article 9 Content of notification Incorporated in Notification Form annexed to Article 10 Means of notification Incorporated into regulation 11 of Article 11 Liability and professional Incorporated into regulation 12 of secrecy Prevention of Financial Markets Abuse (Market Practices and Manipulative Behaviour) Regulations, 2005 Article 12 Transposition N/A N/A N/A Article 13 Entry into force of N/A N/A N/A Article 14 Addressees of N/A N/A Other Guidelines, Byelaws, Laws which may be relevant. 9
Market Abuse Directive. Level 3 Third set of CESR guidance and information on the common operation of the Directive to the market
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/08-717 Market Abuse Directive Level 3 Third set of CESR guidance and information on the common operation of the Directive to the market Public
More informationA new European framework: MAR and CSMAD
A new European framework: MAR and CSMAD Sébastien Bagot, Securities Markets DG Financial Stability, Financial Services and Capital Markets Union Brussels, 9 November 2016 Objectives of MAD review Outline
More informationCOMMISSION IMPLEMENTING DECISION. of XXX
EUROPEAN COMMISSION Brussels, XXX [ ](2017) XXX draft COMMISSION IMPLEMENTING DECISION of XXX on the equivalence of the legal and supervisory framework applicable to recognised exchange companies in Hong
More informationMarket Abuse Regulation Extends the Scope and Application of the Market Abuse Regime
October 2016 Market Abuse Regulation Extends the Scope and Application of the Market Abuse Regime Introduction The Market Abuse Regulation (2014/596/EU) ( MAR ) has replaced the Market Abuse Directive
More informationDetailed Contents. 1 Foundations of Capital Markets Legislature in Europe. 1 History 1 I. Introduction 2 II. Segré Report (1966) 2 III.
Contents Detailed Contents List of Contributors List of Abbreviations xxix xxxi 1 Foundations of Capital Markets Legislature in Europe 1 History 1 I. Introduction 2 II. Segré Report (1966) 2 III. Phase
More informationGeneral Overview. EU Market Abuse Regime
General Overview EU Market Abuse Regime 2 Do these names say something to you? 3 Demand excessive demand drives the price upwards Supply excess of supply leads to a decrease of the price 4 Correct interplay
More informationMarket Abuse Directive
Market Abuse Directive 0 MARKET ABUSE DIRECTIVE Introduction The EU Market Abuse Directive, implemented in Ireland on 1 July, 2005 by the Market Abuse (Directive 2003/6/EC) Regulations (the Regulations
More information1: yes directly; 2: yes, in collaborat.; 3: yes, with judicial aut AT BE CY CZ DK EE FI FR DE EL HU IS IE IT LV LT LU MT NL NO PL PT SK SI SE ES UK
Market Abuse Directive -2003/6/EC Ref: 07-382 Supervisory Powers draft combined table of questions June 07 1: yes directly; 2: yes, in collaborat.; 3: yes, with judicial aut AT BE CY CZ DK EE FI FR DE
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on energy market integrity and transparency
EUROPEAN COMMISSION Proposal for a Brussels, 8.12.2010 COM(2010) 726 final 2010/0363 (COD) C7-0407/10 REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on energy market integrity and transparency
More informationMarket Abuse A New Regime for Debt Issuers
1 Market Abuse A New Regime for Debt Issuers TABLE OF CONTENTS INTRODUCTION... 3 INSIDER RULES... 4 MARKET MANIPULATION... 11 REPORTING OF MANAGER S TRANSACTIONS... 12 SUSPICIOUS TRANSACTIONS... 13 SANCTIONS...
More informationKeeping ahead of financial crime
Keeping ahead of financial crime 7 September 2016 www.moorestephens.co.uk PRECISE. PROVEN. PERFORMANCE. Agenda Introduction Tim West, Partner Market Abuse Regulation Giovanni Giro, Senior Manager The Fourth
More informationTranslation of Liechtenstein Law
954.3 Translation of Liechtenstein Law Disclaimer English is not an official language of the Principality of Liechtenstein. This translation is provided for information purposes only and has no legal force.
More informationMarket Abuse Regulation. NEVIR & AFM Webinar 13 October 2016
Market Abuse Regulation NEVIR & AFM Webinar 13 October 2016 Webinar guide The webinar will remain available for replay. The webinar is interactive. You may ask questions by the chatbox at the bottom of
More informationInsider Dealing Regulations. Short description. Scope
Insider Dealing Regulations Short description Ensure appropriate treatment of Inside Information and avoid insider dealing and Market Manipulation. Scope Relevant to all employees of the ArcelorMittal
More informationEBF POSITION ON THE REVIEW OF THE MARKET ABUSE DIRECTIVE
EBF Ref.D2000D-2011 Brussels, 19 December 2011 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association
More informationQuestions and Answers On the common operation of the Market Abuse Directive
Questions and Answers On the common operation of the Market Abuse Directive 9 January 2012 ESMA/2012/9 Date: 9 January 2012 ESMA/2012/9 I. Background 1. The Market Abuse Directive (2003/6/EC, MAD ), which
More informationMarket Abuse Directive. Level 3 Third set of CESR guidance and information on the common operation of the Directive to the market. Public Consultation
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/08-274 Market Abuse Directive Level 3 Third set of CESR guidance and information on the common operation of the Directive to the market Public
More informationALERT. Market Abuse Regulation. London Asset Management. June 15, 2016
ALERT London Asset Management June 15, 2016 Market Abuse Regulation The Market Abuse Regulation ( MAR ) 1 will take effect on 3 July 2016. MAR contains the rules on insider dealing, unlawful disclosure
More informationPractice Pointers on EU Market Abuse Regulation: Requirements for U.S. Issuers
B Practice Pointers on EU Market Abuse Regulation: Requirements for U.S. Issuers Background The EU Regulation on Market Abuse ( MAR ) came into effect on 3 July 2016, replacing the previously existing
More informationOPINION OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) Of 27 September 2017
27 September 2017 ESMA70-145-171 OPINION OPINION OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) Of 27 September 2017 Relating to the intended Accepted Market Practice on liquidity contracts notified
More informationMARKET ABUSE DIRECTIVE INSTRUMENT 2005
FSA 2005/15 Powers exercised MARKET ABUSE DIRECTIVE INSTRUMENT 2005 A. The Financial Services Authority makes this instrument in the exercise of the powers and related provisions in: (1) the following
More informationMarket Abuse Regulation (MAD II)
Market Abuse Regulation (MAD II) Old Problems, New Markets Alex Fahy and Miles Kellerman May 2016 Markets and misconduct Diversification and Proliferation 2 Old problems The Commission s has been consulting
More informationInsider Trading Policy in accordance with the Belgian Corporate Governance Code 2009
Contents 1. Objectives... 3 2. Insider list... 3 3. Prohibition to use Inside Information... 4 3.1. Prohibited actions... 4 3.2. Exceptions... 4 3.3. Inside Information... 5 4. Prohibitions on Market Manipulation...
More informationINSIDER POLICY AND GUIDELINES
It was resolved by the Board of Directors of Lifco AB (publ) (Reg. No. 556465-3185) at a meeting held on 20 November 2014 to adopt these INSIDER POLICY AND GUIDELINES 1 General 1.1 A strong ambition of
More informationMarket Conduct Rules for Dayahead and Intraday Market /Market Conduct Rules/ INDEPENDENT BULGARIAN ENERGY EXCHANGE
Market Conduct Rules for Dayahead and Intraday Market /Market Conduct Rules/ INDEPENDENT BULGARIAN ENERGY EXCHANGE In force from 26.02.2018 Contents Inside information... 2 Market manipulation... 3 Attempt
More informationFBF S RESPONSE. The FBF welcomes the opportunity to comment EC consultation on a revision of the Market Abuse directive.
Numéro d'identification: 09245221105-30 July, 23 rd 2010 EUROPEAN COMMISSION PUBLIC CONSULTATION A REVISION OF THE MARKET ABUSE DIRECTIVE FBF S RESPONSE GENERAL REMARKS 1. The French Banking Federation
More informationThe UCITS Directive Consolidated to reflect UCITS V changes. (as at October 2014)
The UCITS Directive Consolidated to reflect UCITS V changes (as at October 2014) Important Information Although we have taken care to ensure that this document is as accurate as possible, this text is
More informationClient Alert. Introduction. The Liquidity Practice
Number 870 27 May 2009 Client Alert Latham & Watkins Corporate Department Listed Companies and Transactions Involving Their Own Shares: CONSOB Approves Two Market Practices Concerning Liquidity Transactions
More informationINVESTMENT SERVICES RULES FOR INVESTMENT SERVICE PROVIDERS
INVESTMENT SERVICES RULES FOR INVESTMENT SERVICE PROVIDERS PART B - STANDARD LICENCE CONDITIONS Appendix 1C Capital Buffers Requirement Applicable to Category 3 Investment Services Licence Holders This
More informationREVIEW OF THE MARKET ABUSE DIRECTIVE - General comments on the European Commission proposals
EC Register of interest representatives AMAFI s Number: Assoc 97498144 REVIEW OF THE MARKET ABUSE DIRECTIVE - General comments on the European Commission proposals 1. The European Commission presented
More informationCENTRAL BANK OF MALTA DIRECTIVE NO 1. in terms of the. CENTRAL BANK OF MALTA ACT (Cap. 204 of the Laws of Malta)
CENTRAL BANK OF MALTA DIRECTIVE NO 1 in terms of the CENTRAL BANK OF MALTA ACT (Cap. 204 of the Laws of Malta) THE PROVISION AND USE OF PAYMENT SERVICES Ref: CBM 01/2018 Repealing CBM Directive No.1 modelled
More informationREPLY TO THE COMMISSION S CALL FOR EVIDENCE ON THE REVIEW OF DIRECTIVE 2003/6/EC ON INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE DIRECTIVE)
REPLY TO THE COMMISSION S CALL FOR EVIDENCE ON THE REVIEW OF DIRECTIVE 2003/6/EC ON INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE DIRECTIVE) As the representative of the European investment management
More informationTHE CROATIAN PARLIAMENT
THE CROATIAN PARLIAMENT 2812 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE CAPITAL MARKET ACT I hereby promulgate the Capital Market
More informationFNG. Limited liability company ("Société Anonyme/Naamloze Vennootschap") incorporated under the laws of Belgium
FNG Limited liability company ("Société Anonyme/Naamloze Vennootschap") incorporated under the laws of Belgium Public company within the meaning of article 438 of the Belgian Company Code ("ayant fait
More informationdecision to firm-up to trade
LIQUIDNET EUROPE LIMITED ( LIQUIDNET ) LIQUIDNET EUROPE FIXED INCOME MTF PARTICIPATION RULES 1. GLOSSARY Term Actionable Indication of Interest Applicable Law Competent Authority Customer EEA Eligibility
More informationESME Report. Market abuse EU legal framework and its implementation by Member States: a first evaluation. Brussels July 6 th, 2007
ESME Report Market abuse EU legal framework and its implementation by Member States: a first evaluation Brussels July 6 th, 2007 Executive summary 1. Background and introduction 2. Conceptual framework
More informationMALTA Ganado & Associates
Bank Finance and Regulation Survey MALTA Ganado & Associates Malta is a member state of the European Union and the applicable European Union directives are the main reference points for the regulatory
More informationEffective surveillance and enforcement techniques
Effective surveillance and enforcement techniques Stefan L. Pankoke (BaFin, Germany) Effective surveillance and enforcement Contents I. Overview II. III. IV. Soft instruments to prevent violations Resource-planning
More informationCONSULTATION PAPER NO. 63
CONSULTATION PAPER NO. 63 05 OCTOBER 2009 CHANGES TO THE DIFC INSIDER DEALING REGIME CONSULTATION PAPER NO 63 CHANGES TO THE DIFC INSIDER DEALING REGIME Why are we issuing this paper? 1. The DFSA proposes
More information***I POSITION OF THE EUROPEAN PARLIAMENT
EUROPEAN PARLIAMENT 2009 2014 Consolidated legislative document 15.11.2011 EP-PE_TC1-COD(2011)0011 ***I POSITION OF THE EUROPEAN PARLIAMENT adopted at first reading on 15 November 2011 with a view to the
More information(Legislative acts) REGULATIONS
12.6.2014 Official Journal of the European Union L 173/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market
More informationPublic Consultation on a Revision of the Market Abuse Directive (MAD)
23 July 2010 EU Commission By e-mail to: markt-consultations@ec.europa.eu IMA Registered Organisation ID: 5437826103-53 Dear Sir Public Consultation on a Revision of the Market Abuse Directive (MAD) The
More informationQuestions and Answers. On the Market Abuse Regulation (MAR)
Questions and Answers On the Market Abuse Regulation (MAR) ESMA70-145-111 Version 10 Last updated on 14 December 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
More informationEUROPEAN UNION. Brussels, 16 March 2004 (OR. en) 2002/0240 (COD) PE-CONS 3607/04 DRS 1 CODEC 73 OC 34
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 16 March 2004 (OR. en) 2002/0240 (COD) PE-CONS 3607/04 DRS 1 CODEC 73 OC 34 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject : Directive of the European
More informationTransposition of the Markets in Financial Instruments Directive II: response to the consultation
Transposition of the Markets in Financial Instruments Directive II: response to the consultation February 2017 Transposition of the Markets in Financial Instruments Directive II: response to the consultation
More informationThe Authority for the Financial Markets
Insider dealing The Authority for the Financial Markets The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment
More informationOpportunities for the Market Abuse Directive Revision
Opportunities for the Market Abuse Directive Revision Carlos Tavares CMVM chair and CESR Vice-Chair Brussels 2 July 2010 Effective fight of market abuse requires: Equal and effective rules Equal supervisory
More informationEUROPEAN UNION. Brussels, 4 April 2014 (OR. en) 2011/0295 (COD) PE-CONS 78/13 EF 155 ECOFIN 726 DROIPEN 95 CODEC 1841
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 4 April 2014 (OR. en) 2011/0295 (COD) PE-CONS 78/13 EF 155 ECOFIN 726 DROIP 95 CODEC 1841 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: REGULATION
More informationSUMMARY. CESR should also provide assistance on implementing the legislation, since a number of questions are still outstanding.
CESR CALL FOR EVIDENCE EVALUATION OF THE MARKET ABUSE REGIME - JOINT RESPONSE FRENCH ASSOCIATION OF INVESTMENT FIRMS (AFEI) AND FRENCH BANKING FEDERATION (FBF) SUMMARY In light of this review of the market
More informationINSIDER POLICY. 1 About the insider policy. 2 Summary
It was resolved by the Board of Directors of Lifco AB (publ) (Reg. No. 556465-3185) (the Company ) at a meeting held on 14 September 2016 to adopt this INSIDER POLICY 1 About the insider policy 1.1 Lifco
More informationINVESTMENT SERVICES RULES FOR INVESTMENT SERVICES PROVIDERS
INVESTMENT SERVICES RULES FOR INVESTMENT SERVICES PROVIDERS Issued: 1 st November, 2007 Last updated: 3 rd October 2014 INVESTMENT SERVICES RULES FOR INVESTMENT SERVICES PROVIDERS INTRODUCTION These Investment
More informationTHE CODE OF MARKET CONDUCT [Draft version 16 April 2018]
THE CODE OF MARKET CONDUCT [Draft version 16 April 2018] Table of Contents Foreword 1 1. Introduction 2 1.1 Application and Interpretation 2 1.2 Using the Code of Market Conduct 5 2. Descriptions of behaviour
More informationGemalto. Policy on Inside information and Trading in Financial Instruments. (also called: Insider Trading Policy)
Gemalto Policy on Inside information and Trading in Financial Instruments (also called: Insider Trading Policy) Gemalto N.V. amended by the Board on September 29, 2016 1 / 21 CONTENTS Recitals 4 Page Chapter
More informationRELEVANT INFORMATION
AMADEUS IT HOLDING, SA (Amadeus or the Company), in accordance with the provisions of Article 228 of Restated Text of the Securities Exchange Act (Ley del Mercado de Valores) by this letter communicates
More informationSLOVENIA MARKET IN FINANCIAL INSTRUMENTS ACT
SLOVENIA MARKET IN FINANCIAL INSTRUMENTS ACT Important Disclaimer This translation has been generously provided by the Ministry of Finance of the Republic of Slovenia. This does not constitute an official
More informationInsider Dealing Regulations Procedure
Insider Dealing Regulations Procedure Short description Procedure to ensure appropriate treatment of Inside information and avoid insider dealing and Market Manipulation. Scope Relevant to all employees
More informationTM Group Consulting. MAR - Market Abuse Regulation Recap
1 TM Group Consulting MAR - Market Abuse Regulation Recap 1 EU Regulation Background The European Union Market Abuse Directive (MAD) went into effect in 2006, with the Markets in Financial Instruments
More information- Political independence; - Flexibility; and - Strong and efficient supervisory requirements and obligations.
THE BANKING ACT 1994 INTRODUCTION The Banking Act 1994 (the Act) has modernised the banking legislation for Malta. It has replaced the Banking Act 1970 and brought Maltese banking in line with international
More informationMARKET ABUSE REGULATION
MARKET ABUSE REGULATION ENSURING COMPLIANCE AMIDST UNCERTAINTY Adrian West and Jane Bondoux of Travers Smith LLP consider how the Market Abuse Regulation will affect compliance procedures for UK listed
More informationSUBSIDIARY LEGISLATION PREVENTION OF MONEY LAUNDERING AND FUNDING OF TERRORISM REGULATIONS
AND FUNDING OF TERRORISM [S.L.373.01 1 SUBSIDIARY LEGISLATION 373.01 PREVENTION OF MONEY LAUNDERING AND FUNDING OF TERRORISM REGULATIONS 31st July, 2008 LEGAL NOTICE 180 of 2008, as amended by Legal Notice
More informationVIRTUAL FINANCIAL ASSETS FRAMEWORK GLOSSARY
VIRTUAL FINANCIAL ASSETS FRAMEWORK GLOSSARY THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK REVISIONS LOG VERSION DATE ISSUED DETAILS 1.00 17 OCTOBER 2018 GLOSSARY ISSUED 1.01 15 JANUARY 2018 GLOSSARY UPDATED
More informationPROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RULES MERCANTILE EXCHANGE NEPAL LIMITED. Preamble
PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RULES Of MERCANTILE EXCHANGE NEPAL LIMITED Preamble The Rule is framed by the Mercantile Exchange Nepal Limited ( Exchange ) to assure members, brokers,
More informationCONSUMER AFFAIRS ACT (CAP. 378) Home Loan (Amendment) Regulations, 2016
B 3173 L.N. 259 of 2016 CONSUMER AFFAIRS ACT (CAP. 378) Home Loan (Amendment) Regulations, 2016 IN exercise of the powers conferred upon him by article 7 of the Consumer Affairs Act, the Minister for Social
More informationmeans an entity who is not a Participant under these Rules, but a customer of a Participant.
LIQUIDNET EUROPE LIMITED ( LIQUIDNET ) LIQUIDNET EUROPE EQUITY MTF PARTICIPATION RULES 1. GLOSSARY Term Applicable Law Competent Authority Customer EEA Eligibility Criteria Erroneous Order Erroneous Trade
More informationEUROPEAN UNION. Brussels, 10 October 2013 (OR. en) 2011/0307 (COD) PE-CONS 37/13 EF 115 ECOFIN 439 DRS 107 CODEC 1296
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 10 October 2013 (OR. en) 2011/0307 (COD) PE-CONS 37/13 EF 115 ECOFIN 439 DRS 107 CODEC 1296 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: DIRECTIVE
More informationMarket Abuse Regulation: Have you completed your Checklist for 3 July 2016?
Legal Alert 14 June 2016 Market Abuse Regulation: Have you completed your Checklist for 3 July 2016? The EU Market Abuse Regulation or MAR takes affect from 3 July 2016. It updates the Market Abuse Directive
More informationOPINION OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) Of 11 April 2018
Date: 11 April 2018 ESMA70-145-443 OPINION OPINION OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) Of 11 April 2018 Relating to the intended Accepted Market Practice on liquidity contracts notified
More informationTABLE OF CONTENTS INTRODUCTION... 6
PENSION RULES FOR SERVICE PROVIDERS ISSUED IN TERMS OF THE RETIREMENT PENSIONS ACT, 2011 TABLE OF CONTENTS INTRODUCTION... 6 The Retirement Pensions Act, 2011... 7 The MFSA and Pension Rules made by virtue
More informationOfficial Journal of the European Union
23.3.2018 L 81/77 COMMISSION DECISION (EU) 2018/495 of 22 March 2018 amending the Annex to the Monetary Agreement between the European Union and the Vatican City State THE EUROPEAN COMMISSION, Having regard
More informationMFSA MALTA FINANCIAL SERVICES AUTHORITY. Unit Tel: (+356) To: The Company Secretary Unit Fax: (+356)
31st December, 2014 Securities & Markets Supervision Unit Unit Tel: (+356) 21441155 To: The Company Secretary Unit Fax: (+356) 21449308 Dear Sir/Madam, Re: Market Abuse Regulation and Market Abuse Directive
More informationINVESTMENT SERVICES RULES FOR RETAIL COLLECTIVE INVESTMENT SCHEMES
INVESTMENT SERVICES RULES FOR RETAIL COLLECTIVE INVESTMENT SCHEMES PART A: THE APPLICATION PROCESS 1. Investment Services Act, 1994 ( The Act ) 1.1. Regulation of Retail Collective Investment Schemes (
More informationDraft Response to Question F.20 Market Abuse. Consultation Paper
Ref: CESR/08-509 CESR and ERGEG advice to the European Commission in the context of the Third Energy Package Draft Response to Question F.20 Market Abuse Consultation Paper July 2008 Contents Executive
More informationSummary record. The agenda was adopted. No comments received on the working arrangements.
EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL SERVICES POLICY AND FINANCIAL MARKETS Securities markets Brussels, MARKT/G3/WG D(2005) 3 rd Informal Meeting on Prospectus Transposition 26
More information3.3 Manipulation of the Rexel Security s Market Price Blackout Periods relative to the Publication of Financial Statements...
INSIDER TRADING POLICY OF THE REXEL GROUP INTRODUCTION... 3 SUMMARY OF OBLIGATIONS... 4 1. DEFINITIONS... 5 2. OBLIGATIONS ASSOCIATED WITH HOLDING INSIDE INFORMATION... 8 2.1 Obligations Concerning Non-disclosure
More informationDGG 1B EUROPEAN UNION. Brussels, 3 May 2016 (OR. en) 2013/0314 (COD) PE-CONS 72/15 EF 228 ECOFIN 973 CODEC 1710
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 3 May 2016 (OR. en) 2013/0314 (COD) PE-CONS 72/15 EF 228 ECOFIN 973 CODEC 1710 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: REGULATION OF THE
More informationHaving regard to the Treaty establishing the European Community, and in particular Article 47(2), first and third sentences, and Article 95 thereof,
L 344/76 EN Official Journal of the European Communities 28.12.2001 DIRECTIVE 2001/97/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 December 2001 amending Council Directive 91/308/EEC on prevention
More informationConsultation Paper. ESMA Guidelines on enforcement of financial information. 19 July 2013 ESMA/2013/1013
Consultation Paper ESMA Guidelines on enforcement of financial information 19 July 2013 ESMA/2013/1013 Date: 19 July 2013 ESMA/2013/1013 Responding to this paper The European Securities and Markets Authority
More informationMarket Guidelines in Relation to the Market Abuse Directive For European ABS and CMBS Transactions
Market Guidelines in Relation to the Market Abuse Directive For European ABS and CMBS Transactions DECEMBER 2006 Commercial Mortgage Securities Association Europe / European Securitisation Forum Market
More informationChapter 1 General Provisions
Strategic Goods Act 1 Passed 17 December 2003 (RT 2 I 2004, 2, 7), entered into force 5 February 2004, Chapter 1 General Provisions 1. Scope of application (1) This Act regulates: 1) the export of strategic
More informationCODE OF BUSINESS CONDUCT AND ETHICS
Effective: 1 st April 2015 Table of Contents 1. PURPOSE... 3 2. SCOPE... 3 3. OWNERSHIP... 3 4. DEFINITIONS... 3 5. CONFLICTS OF INTEREST... 3 6. CORPORATE OPPORTUNITIES... 4 7. CONFIDENTIALITY AND PRIVACY...
More informationAustria Treasury Shares Guide IBA Corporate and M&A Law Committee 2014
Austria Treasury Shares Guide IBA Corporate and M&A Law Committee 2014 Contact Christian Herbst Schönherr Attorneys at Law, Vienna ch.herbst@schoenherr.eu Contents Page INTRODUCTION 2 GENERAL OVERVIEW
More informationSurveilling European Energy Markets Implementation of REMIT. W. Süßenbacher, C. Wagner-Bruschek, A. Maedel, G. Boon, J. Mayer
Surveilling European Energy Markets Implementation of REMIT W. Süßenbacher, C. Wagner-Bruschek, A. Maedel, G. Boon, J. Mayer, Agenda Background Legal framework of REMIT Implementation of REMIT in Austria
More informationPlatts Kingsman EU Sugar Seminar MiFID II & MAR: what does increased international regulatory scrutiny mean for sugar?
Platts Kingsman EU Sugar Seminar MiFID II & MAR: what does increased international regulatory scrutiny mean for sugar? Norton Rose Fulbright LLP Geneva, 11 April 2016 Contents 1. Political context 2. New
More informationDelegations will find attached a Presidency compromise on the above Commission proposal, following the meeting of 13 November.
COUNCIL OF THE EUROPEAN UNION Brussels, 18 November 2009 Interinstitutional File: 2009/0132 (COD) 15911/09 EF 168 ECOFIN 789 DRS 68 CODEC 1303 NOTE from: to: Subject: Presidency Delegations Proposal for
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 19 April on protection from risks and separation of banking businesses (CON/2013/28)
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 19 April 2013 on protection from risks and separation of banking businesses (CON/2013/28) Introduction and legal basis On 25 February 2013, the European
More informationB REGULATION (EC) No 1060/2009 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 September 2009 on credit rating agencies
2009R1060 EN 21.06.2015 005.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B REGULATION (EC) No 1060/2009 OF THE EUROPEAN
More information18 November CEBS s guidelines regarding revised Article 3 of Directive 2006/48/EC
18 November 2010 CEBS s guidelines regarding revised Article 3 of Directive 2006/48/EC Table of contents Introduction... 3 Objectives, methodology and scope... 3 Implementation date... 4 Guidelines for
More informationTransposition of Directive 2004/39/EC on Markets in Financial Instruments
Transposition of Directive 2004/39/EC on Markets in Financial Instruments Draft amendments to Book III of the AMF General on Investment Services Providers Consultation document INTRODUCTION This document
More informationResolution 66/41. National Legislation on transfer of arms, military equipment and dual-use goods and technology. Ireland
Resolution 66/41 National Legislation on transfer of arms, military equipment and dual-use goods and technology Ireland 2013 Regulatory Environment The Irish legal system for the transfer of arms, military
More informationCHAPTER 4 CUSTOMS PROCEDURES. Article 1: Definitions
CHAPTER 4 CUSTOMS PROCEDURES For the purposes of this Chapter: Article 1: Definitions customs law means such laws and regulations administered and enforced by the Customs Administration of a Party concerning
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on Short Selling and certain aspects of Credit Default Swaps
EN EN EN EUROPEAN COMMISSION Brussels, 15.9.2010 COM(2010) 482 final 2010/0251 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Short Selling and certain aspects of Credit
More informationEUROPEAN UNION. Brussels, 23 July 2014 (OR. en) 2012/0168 (COD) LEX 1569 PE-CONS 75/1/14 REV 1 EF 84 ECOFIN 270 CODEC 808
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 23 July 2014 (OR. en) 2012/0168 (COD) LEX 1569 PE-CONS 75/1/14 REV 1 EF 84 ECOFIN 270 CODEC 808 DIRECTIVE OF THE EUROPEAN PARLIAMT AND OF THE
More informationEuropean Securities Markets Expert Group - ESME
European Securities Markets Expert Group - ESME FINANCIAL INSTRUMENTS IMPACT OF DEFINITIONS ON THE PERIMETER OF FSAP DIRECTIVES ESME 2008-03-05 FINANCIAL INSTRUMENTS IMPACT OF DEFINITIONS ON THE PERIMETER
More informationDIRECTIVES. DIRECTIVE 2014/49/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on deposit guarantee schemes.
12.6.2014 Official Journal of the European Union L 173/149 DIRECTIVES DIRECTIVE 2014/49/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on deposit guarantee schemes (recast) (Text with
More informationINTERNAL CODE OF CONDUCT OF ABERTIS INFRAESTRUCTURAS, S.A. IN MATTERS CONCERNING THE SECURITIES MARKET
INTERNAL CODE OF CONDUCT OF ABERTIS INFRAESTRUCTURAS, S.A. IN MATTERS CONCERNING THE SECURITIES MARKET I. PREAMBLE Abertis Infraestructuras, S.A. (hereinafter the Company), approved its first Internal
More information14219/15 JDC/gj 1 DPG
Council of the European Union Brussels, 27 November 2015 (OR. en) Interinstitutional File: 2012/0175 (COD) 14219/15 INFORMATION NOTE From: To: Subject: General Secretariat of the Council CODEC 1536 ECOFIN
More informationTHOMSON REUTERS DEALING
THOMSON REUTERS DEALING OPERATIONAL PROCEDURES Page 1 Thomson Reuters 2016. All Rights Reserved. This document is confidential and intended solely for the readership of Thomson Reuters Dealing Services
More informationThe Market Abuse Regulation & AIM
The Market Abuse Regulation & AIM On 3 July 2016 the Market Abuse Regulation (MAR) introduced a new common regulatory framework on market abuse. Unlike the old Market Abuse Directive (which MAR replaces)
More informationCarbon market oversight
Carbon market oversight Joint procurement of an auction monitor Information day 21 November 2012 CLIMA-ETS-AUCTIONS@ec.europa.eu Disclaimer: The views expressed are purely those of the speaker and may
More informationINVESTMENT SERVICES RULES FOR INVESTMENT SERVICES PROVIDERS
INVESTMENT SERVICES RULES FOR INVESTMENT SERVICES PROVIDERS PART A: THE APPLICATION PROCESS Title 1 Investment Services Act, 1994 Section 1 Scope 1.1 Regulation of Investment Services The Investment Services
More information