The new EU Market Abuse Regulation and Directive introducing
criminal sanctions for insider dealing and market manipulation
(known collectively as MAD II) are currently progressing through
the European Legislature. The European Parliament's Economic
and Monetary Affairs Committee (ECON) had been scheduled to vote on
their latest draft report on 9th July 2012. Given the complexity of
the legislation, and the controversies surrounding other pending
European financial market proposals this vote has now been
rescheduled to the 20th September.
To assist clients navigate the ever more complicated market
abuse regimes across Europe, we have developed an online resource
and brochure highlighting key issues, including the different
national market abuse regimes and investigatory procedures across
Europe, as well as covering the latest EU proposals on MAD II. We
will update these resources as MAD II develops. We have also
provided details on CMS's pan–European capabilities
in handling regulatory investigation and enforcement work,
particularly cross-border investigations.
To access the detailed guide, please click
here. This contains a wealth of expert information including
flow charts, analysis and timelines, contributed by the pan-CMS
team across 19 countries, covering all the CMS EU jurisdictions and
To view our brief overview brochure, Market Abuse Across Europe,
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On 20 December 2012, the UK Competition Appeal Tribunal handed down its judgment on Tesco’s appeal against an earlier Office of Fair Trading decision concerning dairy products retail pricing in the UK.
Yesterday, the European Court of Justice (ECJ) handed down its judgment on a preliminary reference from the Danish Supreme Court regarding the rules on selective discounts and below-cost selling under the competition law prohibition of the abuse of a dominant market position.
The General Court of the European Union handed down judgment upholding the decision by the European Commission in 2007 that the member bank delegates of MasterCard had collectively set cross border fall back multilateral interchange fees.
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