欧盟反市场滥用立法评述

EU Directive on Market Abuse

市场滥用会降低欧共体金融市场的诚信度,损害投资者利益,妨碍证券市场平稳运行,因而是金融服务行动计划的重要关注对象之一。鉴于现行的反内幕交易指令已不能满足现实需要,欧盟决定采用四级立法模式,确立反市场滥用的系统规范。第一级正式立法程序制定了作为这一系统规范核心的反市场滥用指令,其内容包括禁止内幕交易和市场操纵、例外、适用以及合作与实施等方面;第二级程序将由欧盟委员会在欧洲证券规范者委员会和欧洲证券委员会的协助下为上述指令制定实施措施;第三级程序强调成员国适格当局的合作,事实证明,英、德等成员国已经做出了积极的反应;第四级程序是由欧盟委员会监督各成员国执行上述立法规定。

Market abuse not only harms the integrity of financial market and the interest of investors but also hinders the smooth functioning of integrated European securities and derivatives markets. A-doption of a Directive to address market abuse is one of the new priorities for a single financial market settled by the Financial Services Action Plan of the EU. Given the existing Directive-coordinating regulations could no longer meet the need of practice, a four-level approach is created to adopt systematic legislation addressing market abuse: Level 1 set up the Directive on Insider Dealing and Market Manipulation: level 2 makes the European Commission to imple-ment the Directive on Market Abuse;Level 3 is established to ensure that regulatory and supervisory authorities of member states work effectively, while Level 4 provides that European Commission can check member states' compliance with EU legislation and take legal action against whom suspected of breach of the Directive on Market Abuse and related measures.