Activities of Elena BĂSESCU related to 2011/0297(COD)
Plenary speeches (1)
Criminal sanctions for insider dealing and market manipulation (debate)
Amendments (10)
Amendment 4 #
Proposal for a directive
Recital 2
Recital 2
(2) Directive 2003/6/EC13 of the European Parliament and the Council on insider dealing and market manipulation (market abuse), adopted on 28 January 2003, completed and updated the Union's legal framework to protect market integrity. It also required Member States to ensure that competent authorities have the powers to detect and investigate market abuse. Without prejudice to the right of Member States to impose criminal sanctions, Directive 2003/6/EC also required Member States to ensure that the appropriate administrative measures can be taken or administrative sanctions be imposed against the persons responsible for violations of the national rules implementing that Directive.
Amendment 5 #
Proposal for a directive
Recital 3
Recital 3
(3) The report by the High-Level Group on Financial Supervision in the EU recommended that a sound prudential and conduct of business framework for the financial sector must rest on strong supervisory and sanctioning regimes. To this end, the Group considered that supervisory authorities must be equipped with sufficient powers to act and there should also be equal, strong and deterrent sanctions regimes against all financial crimes, sanctions which should be enforced effectively, in order to preserve market integrity. The Group concluded that Member States sanctioning regimes are in general weak and heterogeneous.
Amendment 6 #
Proposal for a directive
Recital 4
Recital 4
(4) A well-functioning legislative framework on market abuse requires effective enforcement. An evaluation of the national regimes for administrative sanctions under Directive 2003/6/EC showed that not all national competent authorities had a full set of powers at their disposal to ensure that they could respond to market abuses with the appropriate sanction. In particular, not all Member States had pecuniary administrative sanctions available for insider dealing and market manipulation, and the level of these sanctions varied widely among Member States. A new legislative instrument is also needed to ensure uniform rules and clarity of key concepts and to ensure a single rulebook in line with the conclusions of the High-Level Group on Financial Supervision.
Amendment 7 #
Proposal for a directive
Recital 5
Recital 5
(5) The adoption of administrative sanctions by the Member States has so far proven insufficient to ensure compliance with the rules on preventing and fighting market abuse.
Amendment 20 #
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive establishes minimum rules for criminal sanctions for the most serious market abuse offences, namely insider dealing and market manipulation, to ensure the integrity of financial markets in the Union and to enhance investor protection and confidence in those markets.
Amendment 36 #
Proposal for a directive
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) when in possession of inside information, using that information to acquire or dispose of financial instruments to which that information relates for one's own account or for the account of a third party, either directly or indirectly. This also includes using inside information to cancel or amend an order concerning a financial instrument to which that information relates where that order was placed before entering into possession of that inside information; or
Amendment 40 #
Proposal for a directive
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) giving, or being likely to give, false or misleading signals as to the supply of, demand for, or price of, a financial instrument or a related spot commodity contract;
Amendment 44 #
Proposal for a directive
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) securing, or being likely to secure, the price of one or several financial instruments or a related spot commodity contract at an abnormal or artificial level;
Amendment 48 #
Proposal for a directive
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) entering into a transaction, placing an order to trade, or any other activitybehaviour in financial markets affecting the price of one or several financial instruments or a related spot commodity contract, which employs a fictitious device or any other form of deception or contrivance;
Amendment 52 #
Proposal for a directive
Article 4 – paragraph 1 – point d
Article 4 – paragraph 1 – point d
(d) dissemination of information which gives, or is likely to give, false or misleading signals as to financial instruments or related spot commodity contracts, where those persons derive, for themselves or another person, an advantage or profit from the dissemination of the information in question.