The Council of the EU's Presidency has published a document identifying a number of issues in the proposed criminal sanctions for market abuse directive (CSMAD).

In the document, the Presidency notes that CSMAD requires further clarification in relation to the description of the administrative offences in the market abuse regulation (MAR) and the criminal offences in CSMAD. Furthermore, guidance is required in relation to the issue of double jeopardy, in terms of criminal and administrative proceedings being brought for the same offence. It was recognised, however, that as some of these issues are dependent on the outcome of the ongoing discussions in relation to MAR, it may be better to wait for the outcome of those discussions before taking any action.

The working party of the Council of the EU's Presidency will draft proposals to address these points, which will be considered at future meetings.