The Presidency has summarised the current outstanding issues for discussion on the draft Directive on criminal sanctions for insider dealing and market manipulation (CMAD). Although discussions cannot conclude until there is more certainty on the scope of the new Market Abuse Regulation (MAR), the Presidency feels some issues can progress. One element is how serious an offence should be to trigger criminal penalties. It is also concerned to establish how Member States will not breach the EU Principle of “ne bis in idem” (in other words, will not punish a person twice for the same offence), and on how the privilege against self-incrimination will work. (Source: Presidency summarises CMAD Position)