The reform of the EU market abuse law: Revolution or evolution?

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This paper discusses whether the forthcoming reform of market abuse law, as proposed by the EU Commission in October 2011, may be seen as a ‘revolution’ or a mere ‘evolution’. Section 1 explains the topicality of regulating market a buse (ie insider dealing and market manipulation), both in the US and the EU. Section 2 analyses to what extent the transformation of the current Market Abuse Directive into a Regulation and the new Directive on criminal sanctions may be regarded as ‘revolutionary’. Section 3 deals with the substantive changes which seem to be more ‘evolutionary’ in updating and improving some aspects of the previous law. In section 4 we briefly discuss our main concerns with the proposed reform.
Original languageEnglish
Pages (from-to)195-205
Number of pages10
JournalMaastricht Journal of European and Comparative Law
Publication statusPublished - 2012


  • Market abuse
  • Insider trading
  • Market manipulation
  • Market abuse directive
  • Securities regualtion


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