HISTORIC PRESS RELEASE : Consultation on Implementing the EU Market Abuse Directive [June 2004]

The press release issued by HM Treasury on 18 June 2004.

HM Treasury and Financial Services Authority (FSA) today published a joint consultation document on proposals for UK implementation of the EU Market Abuse Directive .

The Directive sets out a common framework for tackling insider dealing and market manipulation in the EU.

Financial Secretary, Ruth Kelly said:

“The Treasury welcomes the Directive’s aim of protecting investors and promoting confidence in financial markets by establishing a framework for the prevention of market abuse.  However, the proposals are complex and it is therefore important that all parties engage in the consultation process.”

This joint consultation document seeks comments on the proposed  legislative and FSA Handbook changes to achieve implementation.  Comments on the proposals generally or any particular aspect of them would be welcomed.

The closing date for responses to the consultation is 10 September 2004.