Outstanding reform initiatives initiated in 2011
Lastly, on account of their significance, we highlight
three outstanding reform initiatives initiated in 2011,
specifically the review of the Markets in Financial Instru-
ments Directive (MiFID), the Market Abuse Directive and
the Transparency Directive.
In October 2011, the European Commission presented
a proposal to review the MiFID Directive, through a new
Directive calledMiFID II, along with a Regulation (MiFIR).
The MiFIR Regulation, which will be directly applicable
in all member states once effective, responds to the
strategic requirement to achieve more efficient, resil-
ient and transparent financial markets and to enhance
investor protection.
On 20 October 2011, the Commission presented its
proposal for reforming the regulatory framework laid
down in the so-called Market Abuse Directive. The
review encompasses infringements involving misuse
of inside information and price manipulation. As with
the MiFID review, the reform thrust has materialised in
two legislative texts: a proposal for a Regulation and a
supplementing Directive establishing criminal sanctions
for insider dealing and market manipulation.
The third major legislative review underway affects the
Transparency Directive, for which the European Commis-
sion submitted its proposal to the European Parliament
on 25 October 2011. The goal is to enhance the wording
so that the information disclosed becomes clearer and
more effective, duly guaranteeing greater investor
protection and establishing appropriate disclosure
requirements for listed SMEs.
Report 2012
Market Environment
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