Compromise proposals on the proposed Regulation on insider dealing and market manipulation (MAR) and on the proposed Directive on criminal sanctions for insider dealing and market manipulation (CSMAD) are issuing at pace. These will revise and replace the Market Abuse Directive (2003/6/EC) (MAD). Together, the proposals are known as MAD II.

The Council of the EU issued a press release concerning a meeting on 25/26 October 2012 of the Council which considered issues of double jeopardy in the context of the proposed CSMAD on freezing and confiscation of proceeds of crime in the EU. ECON also published a report (dated 19 October 2012) on CSMAD and a report (dated 22 October 2012) on MAR. The Parliament is due to consider the MAD II proposals on 14/17 January 2013.