The European Commission has published a call for evidence on its review of the application of Directive 2003/6/EC on insider dealing and market manipulation (the Market Abuse Directive or MAD), including some preliminary findings and proposals to improve and simplify it.

The call for evidence forms part of the Commission’s Action Programme for Reducing Administrative Burdens in the European Union. It also addresses some of the issues covered in the Commission Communication entitled Driving European Recovery which seeks to address some of the shortcomings in the markets that have been observed in the financial crisis.

The call for evidence will allow the Commission to assess whether the provisions of MAD are clear, effective and efficient when applied in practice.

The issues under review in the call for evidence include:

  • The scope of the markets and financial instruments covered by MAD.
  • The ability of listed issuers to delay disclosure of inside information.
  • Disclosure of inside information by issuers of commodity derivatives.
  • The ability of competent authorities to gain access to telephone records and other data.
  • The obligation to draw up insiders' lists and to report the transactions of managers of issuers.
  • Questions related to short selling, a topic that is not expressly addressed in MAD, are also included in the call for evidence.

Responses are invited by 10 June 2009.

View Call for evidence: Review of Directive 2003/6/EC on insider dealing and market manipulation, (PDF 138KB), 20 April 2009