Activities of Wolf KLINZ related to 2011/0297(COD)
Plenary speeches (1)
Criminal sanctions for insider dealing and market manipulation (debate)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation PDF (329 KB) DOC (287 KB)
Amendments (3)
Amendment 9 #
Proposal for a directive
Recital 7
Recital 7
(7) Not all Member States have provided for criminal sanctions for some forms of serious breaches of national legislation implementing Directive 2003/6/EC. These different approaches undermine the uniformity of conditions of operation in the internal market and may provide an incentive for persons to carry out market abuse in Member States which do not provide for criminal sanctions for these offences. In addition, until now there has been no Union-wide understanding on which conduct is considered to be such a serious breach. Therefore, minimum rules concerning the definition of criminal offences committed by natural andpersons, of the liability of legal persons and of sanctions should be set. Common minimum rules would make it also possible to use more effective methods of investigation and effective cooperation within and between Member States. Convictions for market abuse offences under criminal law often result in extensive media coverage, which helps to deter potential offenders, as it draws public attention to the commitment of competent authorities to tackling market abuse.
Amendment 17 #
Proposal for a directive
Recital 14
Recital 14
(14) In order to ensure effective implementation of the European policy for ensuring the integrity of the financial markets set out in Regulation (EU) No…of the European Parliament and the Council on insider dealing and market manipulation, Member States should also extend liability to legal persons, including, whenever possible, criminal liability of legal persons, where this is compatible with the national legislation applicable.
Amendment 19 #
Proposal for a directive
Recital 18
Recital 18
(18) This Directive respects the fundamental rights and observes the principles recognised in the Charter of Fundamental Rights of the European Union as enshrined in the Treaty. Specifically, it should be applied with due respect for the freedom to conduct a business (Article 16), the right to an effective remedy and to a fair trial (Article 47), the presumption of innocence and right of defence (Article 48), the principles of legality and proportionality of criminal offences and penalties (Article 49), and the right not to be tried or punished twice for the same offence (Article 50). In this respect, Member States should ensure that the same offence is not punished by both criminal and administrative sanctions.