The European Parliament announced on 5 February 2014 that it had adopted, in its plenary session held on 4 February, the proposed Directive on criminal sanctions for insider dealing and market manipulation ("CSMAD"). The vote follows the political agreement reached in trilogue on 10 December 2013. The Council of the EU will now formally adopt the CSMAD proposal. It is anticipated that CSMAD will be published in the Official Journal of the European Union in June 2014. Member States have two years from the date of publication to implement CSMAD into national laws.
The CSMAD, together with the proposed Regulation on insider dealing and market manipulation (known as "MAR"), make up the legislative proposals that will replace the Market Abuse Directive (2003/6/EC) (known as "MAD").
The European Parliament's press release is available at: http://www.europarl.europa.eu/pdfs/news/expert/infopress/20140203IPR34503/20 140203IPR34503_en.pdf
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