2011/0297(COD)

Criminal sanctions for market abuse (market abuse directive)

Procedure completed

2011/0297(COD) Criminal sanctions for market abuse (market abuse directive)
RoleCommitteeRapporteurShadows
Lead ECON
Opinion JURI
Opinion LIBE
Lead committee dossier: ECON/7/07609
Legal Basis TFEU TFEU 083-p2
Subjects
Links

Activites

  • 2014/06/12 Final act published in Official Journal
  • 2014/04/16 Final act signed
  • 2014/04/16 End of procedure in Parliament
  • #3309
  • 2014/04/14 Council Meeting
  • 2014/04/14 Act adopted by Council after Parliament's 1st reading
  • 2014/02/04 Results of vote in Parliament
    • Results of vote in Parliament
    • Debate in Parliament
    • T7-0057/2014 summary
  • #3195
  • 2012/10/25 Council Meeting
  • 2012/10/19 Committee report tabled for plenary, 1st reading/single reading
    • A7-0344/2012 summary
    • ECON ECON/7/07609
    • JURI
    • LIBE
  • 2012/10/09 Vote in committee, 1st reading/single reading
  • 2012/05/24 Referral to associated committees announced in Parliament
  • #3162
  • 2012/04/26 Council Meeting
    • 3162 summary
  • 2011/11/15 Committee referral announced in Parliament, 1st reading/single reading
  • 2011/10/20 Legislative proposal published
    • COM(2011)0654 summary
    • DG {u'url': u'http://ec.europa.eu/dgs/internal_market/', u'title': u'Internal Market and Services'}, BARNIER Michel

Documents

AmendmentsDossier
99 2011/0297(COD) Criminal sanctions for market abuse (market abuse directive)
2012/03/26 ECON, ECON 3 amendments...
source: PE-485.917
2012/04/11 JURI 6 amendments...
source: PE-486.199
2012/05/06 LIBE 15 amendments...
source: PE-490.975
2012/05/08 LIBE 8 amendments...
source: PE-487.968
2012/07/13 ECON 55 amendments...
source: PE-489.420
2012/10/05 JURI 12 amendments...
source: PE-489.433

History

(these mark the time of scraping, not the official date of the change)

2014-07-07
activities/1/committees/0/date deleted 2010-09-21
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    MCCARTHY Arlene
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    PIETIKÄINEN Sirpa
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    KLINZ Wolf
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    BESSET Jean-Paul
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    ECR
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    SWINBURNE Kay
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    GUE/NGL
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    MATIAS Marisa
activities/1/committees/1/date deleted 2011-11-21
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    ALDE
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    THEIN Alexandra
activities/1/committees/2/date deleted 2012-03-20
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    S&D
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    BOZKURT Emine
activities/4/committees/0/date deleted 2010-09-21
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    S&D
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    MCCARTHY Arlene
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    PIETIKÄINEN Sirpa
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    ALDE
    name
    KLINZ Wolf
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    BESSET Jean-Paul
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    ECR
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    SWINBURNE Kay
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    GUE/NGL
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    MATIAS Marisa
activities/4/committees/1/date deleted 2011-11-21
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    THEIN Alexandra
activities/4/committees/2/date deleted 2012-03-20
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    BOZKURT Emine
activities/5 added
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  • url
    http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-344&language=EN
    text
    •  The Committee on Economic and Monetary Affairs adopted the report by Arlene McCARTHY (S&D, UK) on the proposal for a directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation.

      The committee recommends that the position of the European Parliament in first reading following the ordinary legislative procedure should amend the commission proposal as follows:

      Subject matter and scope: Members consider that the Directive should ensure the integrity of financial markets in the Union and enhance investor protection and confidence in those markets. It should also apply to interest rates, currencies, benchmarks, inter bank offer rates, indexes and types of financial instruments, including any derivative contracts or derivative instruments, which derive their value from the value of interest rates, currencies or indexes.

      Insider dealing and market manipulation: since many financial instruments are priced by reference to benchmarks, it necessary to complement the general prohibition of insider dealing and market manipulation by prohibiting the manipulation of the benchmark itself and any transmission of false or misleading information, provision of false or misleading inputs, or any other action that manipulates the calculation of a benchmark, including the benchmark's methodology. The mere transmission of false or misleading information relating to an interbank offer rate or other benchmark should be covered by the definition of market manipulation.

      Criminal sanctions: Members consider that the imposition of criminal sanctions for the most serious market abuses will have an increased deterrent effect on potential offenders.

      To ensure that sanctions have a dissuasive effect on the public at large, they shall, where appropriate, be published, without undue delay, including at least information on the type and nature of the crime and the identity of persons responsible for it, unless such publication would seriously jeopardise the stability of financial markets. Where publication would cause disproportionate damage to the parties involved, competent authorities shall publish the measures and sanctions on an anonymous basis.

      The criminal offences referred to in the directive should be punishable by a maximum term of imprisonment of between two and five years, depending on the offence committed.

      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.

      Disclosure of information in the media: Members consider that where information is disclosed or disseminated for the purpose of journalism, such disclosure or dissemination of information should be assessed taking into account the rules governing the freedom of expression, the freedom and pluralism of the media and the rules or codes governing the journalist profession.

      Jurisdiction: in order to ensure effective prosecution of cross-border cases, Member States should take the necessary measures to establish their jurisdiction over offences, 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.

      Member States should also take the necessary measures to ensure that law enforcement and judicial authorities or other services responsible for investigating offences have sufficient resources and are appropriately trained.

    type
    Committee report tabled for plenary, 1st reading/single reading
    title
    A7-0344/2012
type
Committee report tabled for plenary, 1st reading/single reading
committees
date
2012-10-19
activities/12/body deleted EP
activities/12/committees deleted
  • body
    EP
    shadows
    responsible
    True
    committee
    ECON
    date
    2010-09-21
    committee_full
    Economic and Monetary Affairs (Associated committee)
    rapporteur
    • group
      S&D
      name
      MCCARTHY Arlene
  • body
    EP
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    committee
    JURI
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    2011-11-21
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    Legal Affairs
    rapporteur
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      ALDE
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      THEIN Alexandra
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    EP
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    committee
    LIBE
    date
    2012-03-20
    committee_full
    Civil Liberties, Justice and Home Affairs (Associated committee)
    rapporteur
    • group
      S&D
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      BOZKURT Emine
activities/12/date changed
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2012-10-19
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2014-06-12
activities/12/docs deleted
  • url
    http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-344&language=EN
    text
    •  The Committee on Economic and Monetary Affairs adopted the report by Arlene McCARTHY (S&D, UK) on the proposal for a directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation.

      The committee recommends that the position of the European Parliament in first reading following the ordinary legislative procedure should amend the commission proposal as follows:

      Subject matter and scope: Members consider that the Directive should ensure the integrity of financial markets in the Union and enhance investor protection and confidence in those markets. It should also apply to interest rates, currencies, benchmarks, inter bank offer rates, indexes and types of financial instruments, including any derivative contracts or derivative instruments, which derive their value from the value of interest rates, currencies or indexes.

      Insider dealing and market manipulation: since many financial instruments are priced by reference to benchmarks, it necessary to complement the general prohibition of insider dealing and market manipulation by prohibiting the manipulation of the benchmark itself and any transmission of false or misleading information, provision of false or misleading inputs, or any other action that manipulates the calculation of a benchmark, including the benchmark's methodology. The mere transmission of false or misleading information relating to an interbank offer rate or other benchmark should be covered by the definition of market manipulation.

      Criminal sanctions: Members consider that the imposition of criminal sanctions for the most serious market abuses will have an increased deterrent effect on potential offenders.

      To ensure that sanctions have a dissuasive effect on the public at large, they shall, where appropriate, be published, without undue delay, including at least information on the type and nature of the crime and the identity of persons responsible for it, unless such publication would seriously jeopardise the stability of financial markets. Where publication would cause disproportionate damage to the parties involved, competent authorities shall publish the measures and sanctions on an anonymous basis.

      The criminal offences referred to in the directive should be punishable by a maximum term of imprisonment of between two and five years, depending on the offence committed.

      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.

      Disclosure of information in the media: Members consider that where information is disclosed or disseminated for the purpose of journalism, such disclosure or dissemination of information should be assessed taking into account the rules governing the freedom of expression, the freedom and pluralism of the media and the rules or codes governing the journalist profession.

      Jurisdiction: in order to ensure effective prosecution of cross-border cases, Member States should take the necessary measures to establish their jurisdiction over offences, 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.

      Member States should also take the necessary measures to ensure that law enforcement and judicial authorities or other services responsible for investigating offences have sufficient resources and are appropriately trained.

    type
    Committee report tabled for plenary, 1st reading/single reading
    title
    A7-0344/2012
activities/12/type changed
Old
Committee report tabled for plenary, 1st reading/single reading
New
Final act published in Official Journal
committees/0/date deleted 2010-09-21
committees/0/rapporteur deleted
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    S&D
    name
    MCCARTHY Arlene
committees/0/shadows deleted
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    EPP
    name
    PIETIKÄINEN Sirpa
  • group
    ALDE
    name
    KLINZ Wolf
  • group
    Verts/ALE
    name
    BESSET Jean-Paul
  • group
    ECR
    name
    SWINBURNE Kay
  • group
    GUE/NGL
    name
    MATIAS Marisa
committees/1/date deleted 2011-11-21
committees/1/rapporteur deleted
  • group
    ALDE
    name
    THEIN Alexandra
committees/2/date deleted 2012-03-20
committees/2/rapporteur deleted
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    S&D
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    BOZKURT Emine
procedure/Modified legal basis added Rules of Procedure of the European Parliament EP 150
procedure/final added
url
http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0057&from=EN
title
OJ L 173 12.06.2014, p. 0179
procedure/stage_reached changed
Old
Procedure completed, awaiting publication in Official Journal
New
Procedure completed
procedure/title changed
Old
Financial supervision: criminal sanctions for insider dealing and market manipulation
New
Criminal sanctions for market abuse (market abuse directive)
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