Pending Issues in the Review of the European Market Abuse Rules

2012 ◽  
Author(s):  
Carmine Di Noia
Keyword(s):  
European Market ◽  
Market Abuse

Market Abuse Regulation

2017 ◽  
Keyword(s):  
Capital Markets ◽  
Technical Analysis ◽  
Securities Regulation ◽  
European Market ◽  
Market Abuse ◽  
Economic Framework ◽  
The Impact

This book analyses the European market abuse regime contained in the Market Abuse Regulation (MAR) and related directives and regulations. Written by leading scholars in the field of capital markets law from a number of European jurisdictions, it is divided into two main parts. The first part consists of chapters considering relevant issues by topic and includes aspects not directly addressed by the MAR, such as enforcement and the impact of US securities regulation. As well as considering the sources of market abuse regulation in general, this first part also examines its theoretical and economic framework in order to provide better understanding of the Regulation itself. The second part of the book provides article-by-article commentary on the Regulation, with a detailed and technical analysis of its terms.

Dealing with Corporate Scandal under European Market Abuse Law: The Case of VW

2019 ◽  
Vol 16 (4) ◽  
pp. 484-534
Author(s):  
Mario Hössl-Neumann ◽  
Andreas Baumgartner
Keyword(s):  
Member State ◽  
European Market ◽  
Market Abuse ◽  
Corporate Scandal ◽  
Optimal Functioning ◽  
Corporation Law ◽  
German Stock ◽  
Outer Bounds ◽  
Stock Corporation ◽  
Market Abuse Directive

This paper uses the current proceedings against Volkswagen Aktiengesellschaft for violations of its continuous disclosure obligation as a backdrop for addressing fundamental questions of European market abuse law. Specifically, we ask how the Market Abuse Directive and Regulation (MAD/R) and Member State corporate law together shape management’s disclosure policy vis-à-vis the stock market. Taking the perspective of German stock corporation law, our main findings are twofold: First, while European market abuse law severely limits management’s discretion when market integrity is at stake, Member States can still largely control its influence on internal corporate governance – i.e., on the distribution of information between management and shareholders. Second, MAD and MAR directly draw on conceptions of public interest in Member State law when determining the outer bounds of issuers’ ability to delay disclosure, thereby potentially promoting compliance. Based on these insights, the paper then closes with a note of caution for national legislators and suggests a more profound discussion of their responsibility for the optimal functioning of European market abuse law.

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