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EU Council Approves Insider Dealing Directive

by Chris Francois, LawandTax-News, Brussels

05 December 2002


At the EU's ECOFIN meeting in Brussels on December 3rd, finance ministers adopted definitively, without discussion, the Directive on insider dealing and market manipulation. The Directive is due to be implemented by Member States by mid-2004. The commission said the move is a step towards the creation of a single financial market that investors and the public can trust.

Commissioner Frits Bolkestein said: "With the rapid adoption of the market abuse directive, the European Parliament, the member states and the commission in unison have put down a clear marker. This is a concrete demonstration that we will not tolerate fraud or manipulation of European capital markets. This Directive will serve to build the investor confidence that is essential for sustained economic growth and wealth creation."

The agreed text contains less aggressive wording in relation to journalists and research analysts than had been included in earlier drafts.

"Only journalists who deliberately or negligently pass on false information and then profit financially or otherwise from having done so will be covered by the directive," said the Commission. The Directive requires that analysts and journalists who recommend investment strategies to the public or to distribution channels should disclose their own relevant interests.


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