Press Release: Statement by Vice-President Reding and Commissioner Barnier on trilogue agreement on criminal sanctions for market abuse

The European Commission on 20 December 2013 welcomed the political agreement on the Commission's proposal for a Directive on criminal sanctions for market abuse, proposed in October 2011.

The agreement follows four so-called trilogue meetings between the Commission and the two co-legislators (the European Parliament and the Council of Ministers). The breakthrough, endorsed by Member States on 20 December 2013, shows that Europe is willing to take all measures necessary to counter insider dealing and market abuse in its financial markets.

Member States will have to make sure that such behaviour, including the manipulation of benchmarks, is a criminal offence, punishable with effective sanctions everywhere in Europe.

The political agreement is due to be confirmed by the European Parliament in plenary, expected in January 2014.

• Primary Source

ESO: Background information: European Parliament’s endorsement of the political agreement on Market Abuse Regulation http://www.europeansources.info/record/memo-european-parliaments-endorsement-of-the-political-agreement-on-market-abuse-regulation/

ESO: Background information: European Commission seeks criminal sanctions for insider dealing and market manipulation to improve deterrence and market integrity http://www.europeansources.info/record/press-release-european-commission-seeks-criminal-sanctions-for-insider-dealing-and-market-manipulation-to-improve-deterrence-and-market-integrity/

Council of the European Union: Press Release, PRES/13/603: Council confirms agreement with EP on market abuse directive http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/140276.pdf

European Parliament: Press Release, 20.12.13: Market abusers should face jail http://www.europarl.europa.eu/news/en/news-room/content/20131218IPR31337/

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