European parliament The Legislative Observatory European Parliament - Procedure file European Parliament - Procedure file
European parliament

Procedure file Procedure file

Procedure file : Etat actuel du dossier

The information here reflects the current status of the procedure
Identification
Reference COD/2001/0118  
Title Financial markets: insider dealing and market abuse (repeal. direct. 89/592/EEC)
Legal Basis EC 095  
Dossier of the committee ECON/5/16096
Subject(s) 2.50 free movement of capital
2.50.03 securities and financial markets, stock exchange, CIUTS, investments
4.60.06 consumers' economic and legal interests
Stage reached Procedure ended
Stages
Stages Documents: references Dates
Source reference Equivalent references Votes and amendments Joint resolution of document of publication in Official Journal
Commission/Council: initial legislative document Summaries EC COM(2001)0281 C5-0262/2001         30/05/2001 C 240 28.08.2001, p. 0265 E
Document annexed to the procedure Summaries ECB BCE(2001)0038           22/11/2001 C 024 26.01.2002, p. 0008-0010
EP: draft report by the committee responsible   EP PE307.438           12/12/2001  
Economic and Social Committee: opinion, report   ESC CES0035/2002           16/01/2002 C 080 03.04.2002, p. 0061
EP: decision of the committee responsible, 1st reading/single reading Summaries               26/02/2002  
EP: tabled legislative report, 1st reading or single reading   EP A5-0069/2002           26/02/2002  
EP: position, 1st reading or single reading Summaries EP T5-0113/2002           14/03/2002 C 047 27.02.2003, p. 0417-0511 E
Council: common position Summaries CSL 09359/6/2002 C5-0384/2002         19/07/2002 C 228 25.09.2002, p. 0019 E
Commission: communication on the common position Summaries EC SEC(2002)0889           14/08/2002  
EP: draft report by the committee responsible   EP PE314.998           08/10/2002  
EP: decision of the committee responsible, 2nd reading Summaries               08/10/2002  
EP: tabled legislative report, 2nd reading   EP A5-0343/2002           08/10/2002  
EP: position, 2nd reading Summaries EP T5-0513/2002           24/10/2002 C 300 11.12.2003, p. 0442-0542 E
Commission: opinion on the EP position at second reading Summaries EC COM(2002)0724 C5-0613/2002         11/12/2002  
Final legislative act Summaries EU 32003L0006           28/01/2003 L 096 12.04.2003, p. 0016-0025
  Follow-up documents
Agents
European Parliament
Committee
Rapporteur / Co-rapporteurs   Previous
Political group Appointed
Economic and Monetary Affairs (responsible)
Goebbels Robert
PSE
28/05/2001
European Commission and Council of the Union
European Commission DG Internal Market and Services Transmission date: 01/06/2001
Council of the Union
  Previous Councils
  Economic and Financial Affairs ECOFIN, Budget meeting: 2471 of: 03/12/2002
Links to other sources
European Commission PreLex
 
28/01/2003 - Final legislative act
PURPOSE : to ensure the integrity of Community financial markets and to enhance investor confidence in those markets by adopting combined rules to combat both insider dealing and market manipulation.
COMMUNITY MEASURE : Directive 2003/6/EC of the European Parliament and of the Council on insider dealing and market manipulation (market abuse).
CONTENT : the existing Community legal framework to protect market integrity is incomplete. This Directive puts in place a single framework to combat market abuse. The main provisions are as follows:
- Member States must put in place rules to prohibit market abuse. Any infringement of the prohibitions or requirements laid down in this Directive must be dealt with through sanctions;
- the Directive applies to any financial instrument admitted to trading on a regulated market in at least one Member State, or for which a request for admission to trading has been made, irrespective of whether the transaction itself actually takes place on that market;
- a single competent authority must be designated in each Member State to assume at least final responsibility for supervising compliance with the provisions adopted in pursuance of this Directive, as well as international collaboration. The competent authority must be of an administrative nature guaranteeing its independence of economic actors and avoiding conflicts of interest;
- each competent authority must have a common minimum set of effective tools and powers in order to ensure supervisory effectiveness;
- competent authorities have an obligation to cooperate with each other whenever necessary for the purpose of carrying out their duties;
- the Directive defines inside information. The competent authority has the power to issue guidance on matters covered by the Directive such as the definition of inside information in relation to derivatives on commodities or the implementation of the definition of accepted market practices relating to the definition of market manipulation;
- Member States must tackle the practice known as 'front-running', including 'front running' in commodity derivatives, where it constitutes market abuse under the definitions contained in the Directive;
- market operators must contribute to the prevention of market abuse and adopt structural provisions aimed at preventing and detecting market manipulation practices;
- there are particular provisions concerning derivative instruments not admitted to trading but falling within the scope of this Directive;
- the Commission will be assisted by the European Securities Committee established by Commission Decision 2001/528/EC.
DATE OF TRANSPOSITION : 12/10/04.
ENTRY INTO FORCE : 12/04/03.
 
List of summaries
Summaries 29/04/2004 Implementing legislative act
Summaries 28/01/2003 Final legislative act
Summaries 11/12/2002 Commission: opinion on the EP position at second reading
Summaries 24/10/2002 EP: position, 2nd reading
Summaries 08/10/2002 EP: decision of the committee responsible, 2nd reading
Summaries 14/08/2002 Commission: communication on the common position
Summaries 19/07/2002 Council: common position
Summaries 14/03/2002 EP: position, 1st reading or single reading
Summaries 26/02/2002 EP: decision of the committee responsible, 1st reading/single reading
Summaries 22/11/2001 Document annexed to the procedure
Summaries 30/05/2001 Commission/Council: initial legislative document
Top
Disclaimer  |  Version 3.32