Press Release: Securities markets: European Commission welcomes European Parliament approval of proposed Market Abuse Directive

The European Commission has welcomed the European Parliament's approval at second reading on 24 October 2002 of the proposed Directive on insider dealing and market manipulation (market abuse). The European Commission is optimistic that the EU's Council of Ministers will be able to accept the Parliament's few amendments and move to final adoption of the Directive before the end of 2002 under the so-called co-decision procedure. This would be a major step towards integrated financial markets that investors and the public can trust. The Directive will also boost market integrity in the field of financial instruments.