Directive published in April 2003 concerning – insider transactions, – ad hoc disclosures, and – conduct of business obligations in securities research, with the aim of ensuring uniform standards of investor protection throughout Europe. – See Investment Recommendation, Compliance, Customer Advice, Market Manipulation, Nominee, Pump and Dump. – Cf. BaFin Annual Report 2003, p. 46, p. 124 f., BaFin Annual Report 2004, p. 174 (new definition of “market manipulation” by the Market Manipulation Concretization Ordinance [MaKonV] of 2004), BaFin Annual Report 2005, p. 133 (duty to report; monitoring also of journalists), BaFin Annual Report 2006, p. 37 (surveys of practical experience), p. 139 (monitoring of foreign analysts), BaFin Annual Report 2007, p. 49 (interpretative aids to the Market Abuse Directive by CESR; overview of sanctions in individual EU countries), BaFin Annual Report 2008, p. 47 (CESR proposals on insider transactions, suspicious activity reports, rumors as inside information, and share buyback programs), BaFin Annual Report 2009, p. 61 (CESR guidance and interpretative aids), BaFin Annual Report 2010, p. 211
(monitoring of journalists) as well as the respective annual report of BaFin, chapter “Supervision of securities trading and investment business,” BaFin Annual Report 2012, p. 69 f. (peer review on market abuse) p. 175 ff. (BaFin resolutely pursues market manipulation; individual cases), BaFin Annual Report 2013, p. 165 f. (amendment will also include manipulation of benchmarks such as LIBOR; alignment of sanctions by national supervisory authorities), and the respective BaFin Annual Report, chapter “International.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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