The Market Abuse Directive creates a harmonised framework for protecting the integrity of the financial markets by preventing insider dealing and market manipulation. It defines and prohibits both forms of market abuse and provides for a number of preventive measures such as prompt disclosure of inside information and management transactions or safeguards of impartiality of investment research.

Among other things, the directive acknowledges there are legitimate economic reasons for trading in own shares in ‘buy-back’ programmes and for stabilising a new securities issue and provides for “safe harbours” for such activities if certain conditions are met. IPMA and then ICMA have been active in giving feedback to the Commission and CESR on the appropriateness and workability of these conditions, in the negotiation, implementation and review phases.

Related documents:

10 June 2009
BBA / ICMA Joint Response to European Commission call for evidence on the review of the Market Abuse Directive

9 January 2009
BBA / ICMA Joint Response to CESR Consultation PaperLevel 3: Third set of CESR guidance and information on the Common Operation of the Directive to the Market

30 September 2008
BBA / ICMA / LIBA Joint Response to CESR Consultation Paper Level 3 - Third Set of CESR Guidance and Information on the Common Operation of the Directive Market

7 May 2008
BBA response to HM Treasury Consultation Paper FSMA Market Abuse Regime: A review of the sunset clauses

3 December 2007
ICMA letter to CESR regarding stabilisation

5 February 2007
Joint BBA-ICMA response to CESR consultation on the Market Abuse Directive level 3 second set of guidance and information on the common operation of the Directive to the market

31 October 2006
ICMA Response to CESR Call for Evidence

12 December 2004
Response to CESR Concept Paper Annex 1

10 September 2004
Supporting Document to IPMA Response to UK Implementation of the Market Abuse Directive re Price Stabilising Rules

10 September 2004
Supporting Document to IPMA Response to UK Implementation of the Market Abuse Directive re Price Stabilising Rules

10 September 2004
IPMA Response to UK Implementation of the Market Abuse Directive re Price Stabilising Rules

22 April 2003
Amendments proposed by IPMA to Mr Karl Peter Repplinger

22 April 2003
Letter to Karl Peter Repplinger re Commission Working Document ESC 14/2003

28 February 2003
IPMA Letter to CESR re Market Abuse Mandates - Second Call for Evidence

27 September 2002
Letter to CESR re Stabilisation

27 September 2002
Letter to CESR re Stabilisation Annex 1