direct ec european parliament council januari insid deal market manipul market abus european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european econom social committe regard opinion european central bank act accord procedur laid articl genuin singl market financi servic crucial econom growth job creation commun integr effici financi market requir market integr smooth function secur market public confid market prerequisit econom growth wealth market abus harm integr financi market public confid secur deriv commiss commun entitl quot implement framework financi market action plan quot identifi seri action need order complet singl market financi servic lisbon european council april call implement action plan action plan stress draw direct market manipul meet juli council set committe wise men regul european secur market final report committe wise men propos introduct legisl techniqu base level approach framework principl implement measur cooper enforc level direct confin broad gener quot framework quot principl level technic implement measur adopt commiss assist committe resolut adopt stockholm european council march endors final report committe wise men propos level approach make regulatori process commun secur legisl effici transpar resolut european parliament februari implement financi servic legisl endors committe wise men report basi solemn declar made parliament dai commiss letter octob address intern market commission chairman parliament committe econom monetari affair regard safeguard european parliament role process measur implement direct adopt accord council decis ec june lai procedur exercis implement power confer commiss stockholm european council level implement measur frequent ensur technic provis date market supervisori develop deadlin set stage level work european parliament period month transmiss draft implement measur examin give opinion urgent duli justifi case period shorten period resolut pass european parliament commiss examin draft measur financi technic develop enhanc incent mean opportun market abus product technolog increas cross border activ internet exist commun legal framework protect market integr incomplet legal requir vari member state leav econom actor uncertain concept definit enforc member state legisl address issu price manipul dissemin mislead inform market abus consist insid deal market manipul object legisl insid deal legisl market manipul ensur integr commun financi market enhanc investor confid market advis adopt combin rule combat insid deal market manipul singl direct ensur commun framework alloc respons enforc cooper financi market commun legisl adopt council direct eec novemb coordin regul insid deal direct replac ensur consist legisl market manipul direct need avoid loophol commun legisl wrong conduct undermin public confid prejudic smooth function market direct meet concern express member state terrorist attack septemb fight financ terrorist activ insid deal market manipul prevent full proper market transpar prerequisit trade econom actor integr financi market insid inform inform precis natur made public relat directli indirectli issuer financi instrument financi instrument inform signific effect evolut form price regul market consid inform indirectli relat issuer financi instrument relat deriv financi instrument insid deal account case insid inform origin profess function crimin activ prepar execut signific effect price financi instrument price format regul market insid inform consist acquisit dispos financi instrument person inform possess insid inform respect compet author normal reason person circumst mere fact market maker bodi authoris act counterparti person authoris execut order behalf parti insid inform confin case pursu legitim busi bui sell financi instrument case carri order dutifulli deem constitut insid inform member state tackl practic quot front run quot includ quot front run quot commod deriv constitut market abus definit contain direct person enter transact issu order trade constitut market manipul establish reason enter transact issu order trade legitim transact order trade conform accept practic regul market concern sanction impos compet author establish illegitim reason transact order trade compet author issu guidanc matter cover direct definit insid inform relat deriv commod implement definit accept market practic relat definit market manipul guidanc conform provis direct implement measur adopt accord comitolog procedur member state choos regul person produc dissemin research financi instrument issuer financi instrument person produc dissemin inform recommend suggest invest strategi includ mechan regul notifi commiss post insid inform issuer internet site accord rule transfer person data countri laid direct ec european parliament council octob protect individu regard process person data movement data prompt fair disclosur inform public enhanc market integr select disclosur issuer lead loss investor confid integr financi market profession econom actor contribut market integr mean measur includ instanc creation quot grei list quot applic quot window trade quot sensit categori personnel applic intern code conduct establish quot chines wall quot prevent measur contribut combat market abus enforc determin dutifulli control adequ enforc control impli instanc design complianc offic bodi concern period check conduct independ auditor modern commun method make financi market profession privat investor equal access financi inform increas risk spread fals mislead inform greater transpar transact conduct person discharg manageri respons issuer applic person close constitut prevent measur market abus public transact individu basi highli valuabl sourc inform investor market oper contribut prevent market abus adopt structur provis aim prevent detect market manipul practic provis includ requir transpar transact conclud total disclosur price regularis agreement fair system order pair introduct effect atyp order detect scheme suffici robust financi instrument refer price fix scheme clariti rule suspens transact direct interpret implement member state manner consist requir effect regul order protect interest holder transfer secur carri vote right compani carri right consequ exercis right convers compani subject public bid propos chang control direct prevent member state put place measur see fit purpos access insid inform relat compani context public bid purpos gain control compani propos merger compani deem constitut insid deal acquisit dispos financi instrument necessarili involv prior decis acquir dispos person undertak oper carri acquisit dispos deem constitut insid inform research estim develop publicli data regard insid inform transact carri basi research estim deem constitut insid deal mean direct member state european system central bank nation central bank offici design bodi person act behalf restrict carri monetari exchang rate public debt manag polici stabilis financi instrument trade share bui back programm legitim circumst econom reason regard market abus common standard develop provid practic guidanc widen scope financi market rapid chang rang product develop requir wide applic direct financi instrument techniqu involv order guarante integr commun financi market establish level plai field commun financi market requir wide geograph applic provis cover direct deriv instrument admit trade fall scope direct member state compet sanction action carri territori abroad concern underli financi instrument admit trade regul market situat oper territori request admiss trade regul market made member state compet sanction action carri territori concern underli financi instrument admit trade regul market member state request admiss trade market made varieti compet author member state respons creat confus econom actor singl compet author design member state assum final respons supervis complianc provis adopt pursuant direct intern collabor author administr natur guarante independ econom actor avoid conflict interest accord nation law member state ensur financ compet author author adequ arrang consult nation legisl consult committe compos repres issuer financi servic provid consum fulli inform view concern common minimum set effect tool power compet author member state guarante supervisori effect market undertak econom actor contribut level market integr sens design singl compet author market abus exclud collabor link deleg respons compet author author market undertak view guarante effici supervis complianc provis adopt pursuant direct order ensur commun framework market abus suffici infring prohibit requir laid pursuant direct promptli detect sanction end sanction suffici dissuas proportion graviti infring gain realis consist appli member state remain alert determin administr measur sanction ensur degre uniform regul member state increas cross border activ requir improv cooper comprehens set provis exchang inform nation compet author organis supervis investigatori power member state hinder cooper compet nation author object propos action prevent market abus form insid deal market manipul suffici achiev member state reason scale effect measur achiev commun level commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object technic guidanc implement measur rule laid direct time time account develop financi market commiss empow adopt implement measur provid modifi essenti element direct commiss act principl set direct consult european secur committe establish commiss decis ec exercis implement power accord direct commiss respect principl ensur confid financi market investor promot high standard transpar financi market provid investor wide rang compet invest level disclosur protect tailor circumst ensur independ regulatori author enforc rule consist fight econom crime high level transpar consult market particip european parliament council encourag innov financi market dynam effici ensur market integr close reactiv monitor financi innov import reduc cost increas access capit balanc cost benefit market particip long term basi includ small medium size busi small investor implement measur foster intern competit eu financi market prejudic need extens intern cooper achiev level plai field market particip establish eu wide regul time respect differ nation market unduli imping coher singl market ensur coher commun legisl area imbal inform lack transpar jeopardis oper market harm consum small investor direct respect fundament right observ principl recognis charter fundament right european union articl thereof articl european convent human right regard direct prevent member state appli constitut rule relat freedom press freedom express media adopt direct articl purpos direct quot insid inform quot inform precis natur made public relat directli indirectli issuer financi instrument financi instrument made public signific effect price financi instrument price relat deriv financi instrument relat deriv commod quot insid inform quot inform precis natur made public relat directli indirectli deriv user market deriv trade expect receiv accord accept market practic market person charg execut order financi instrument quot insid inform quot inform convei client relat client pend order precis natur relat directli indirectli issuer financi instrument financi instrument made public signific effect price financi instrument price relat deriv financi instrument quot market manipul quot transact order trade give give fals mislead signal suppli demand price financi instrument secur person person act collabor price financi instrument abnorm artifici level person enter transact issu order trade establish reason legitim transact order trade conform accept market practic regul market concern transact order trade emploi fictiti devic form decept contriv dissemin inform media includ internet mean give fals mislead signal financi instrument includ dissemin rumour fals mislead new person made dissemin knew inform fals mislead respect journalist act profession capac dissemin inform assess prejudic articl take account rule govern profess person deriv directli indirectli advantag profit dissemin inform question instanc deriv core definit point conduct person person act collabor secur domin posit suppli demand financi instrument effect fix directli indirectli purchas sale price creat unfair trade condit bui sell financi instrument close market effect mislead investor act basi close price take advantag occasion regular access tradit electron media voic opinion financi instrument indirectli issuer previous posit financi instrument profit subsequ impact opinion voic price instrument simultan disclos conflict interest public proper effect definit market manipul adapt ensur pattern activ practic constitut market manipul includ quot financi instrument quot transfer secur defin council direct eec invest servic secur field unit collect invest undertak monei market instrument financi futur contract includ equival cash settl instrument forward interest rate agreement interest rate currenc equiti swap option acquir dispos instrument fall categori includ equival cash settl instrument categori includ option currenc interest rate deriv commod instrument admit trade regul market member state request admiss trade market made quot regul market quot market defin articl direct eec quot accept market practic quot practic expect financi market accept compet author accord guidelin adopt commiss accord procedur laid articl quot person quot natur legal person quot compet author quot compet author design accord articl order account develop financi market ensur uniform applic direct commun commiss act accord procedur laid articl adopt implement measur point articl articl member state prohibit person refer subparagraph possess insid inform inform acquir dispos acquir dispos account account parti directli indirectli financi instrument inform relat subparagraph appli person possess inform virtu membership administr manag supervisori bodi issuer virtu hold capit issuer virtu access inform exercis employ profess duti virtu crimin activ person refer paragraph legal person prohibit laid paragraph appli natur person part decis carri transact account legal person concern articl appli transact conduct discharg oblig due acquir dispos financi instrument oblig result agreement conclud person concern possess insid inform articl member state prohibit person subject prohibit laid articl disclos insid inform person disclosur made normal exercis employ profess duti recommend induc person basi insid inform acquir dispos financi instrument inform relat articl member state ensur articl appli person person refer articl possess insid inform person insid inform articl member state prohibit person engag market manipul articl member state ensur issuer financi instrument inform public insid inform directli concern issuer prejudic measur compli provis subparagraph member state ensur issuer period post internet site insid inform requir disclos publicli issuer respons delai public disclosur insid inform refer paragraph prejudic legitim interest provid omiss mislead public provid issuer ensur confidenti inform member state requir issuer delai inform compet author decis delai public disclosur insid inform member state requir issuer person act behalf account disclos insid inform parti normal exercis employ profess duti refer articl make complet effect public disclosur inform simultan case intent disclosur promptli case intent disclosur provis subparagraph appli person receiv inform ow duti confidenti duti base law regul articl associ contract member state requir issuer person act behalf account draw list person work contract employ access insid inform issuer person act behalf account regularli updat list transmit compet author request person discharg manageri respons issuer financi instrument applic person close notifi compet author exist transact conduct account relat share issuer deriv financi instrument link member state ensur public access inform transact individu basi readili member state ensur regul place ensur person produc dissemin research financi instrument issuer financi instrument person produc dissemin inform recommend suggest invest strategi intend distribut channel public reason care ensur inform fairli present disclos interest conflict interest financi instrument inform relat detail regul notifi commiss member state ensur market oper adopt structur provis aim prevent detect market manipul practic view ensur complianc paragraph compet author measur ensur public correctli inform public institut dissemin statist liabl signific effect financi market dissemin fair transpar member state requir person profession arrang transact financi instrument suspect transact constitut insid deal market manipul notifi compet author delai order account technic develop financi market ensur uniform applic direct commiss adopt accord procedur refer articl implement measur technic modal public disclosur insid inform refer paragraph technic modal delai public disclosur insid inform refer paragraph technic modal design favour common approach implement sentenc paragraph condit issuer entiti act behalf draw list person work access insid inform refer paragraph condit list updat categori person subject duti disclosur refer paragraph characterist transact includ size trigger duti technic arrang disclosur compet author technic arrang categori person refer paragraph fair present research inform recommend invest strategi disclosur interest conflict interest refer paragraph arrang account rule includ regul govern profess journalist technic arrang govern notif compet author person refer paragraph articl direct appli transact carri pursuit monetari exchang rate public debt manag polici member state european system central bank nation central bank offici design bodi person act behalf member state extend exempt feder state similar local author respect manag public debt articl prohibit provid direct appli trade share quot bui back quot programm stabilis financi instrument provid trade carri accord implement measur adopt accord procedur laid articl articl direct appli financi instrument admit trade regul market member state request admiss trade market made irrespect transact take place market articl appli financi instrument admit trade regul market member state depend financi instrument refer paragraph articl appli issuer request approv admiss financi instrument trade regul market member state articl member state appli prohibit requir provid direct action carri territori abroad financi instrument admit trade regul market situat oper territori request admiss trade market made action carri territori financi instrument admit trade regul market member state request admiss trade market made articl prejudic compet judici author member state design singl administr author compet ensur provis adopt pursuant direct appli member state establish effect consult arrang procedur market particip nation legisl arrang includ consult committe compet author membership reflect divers market particip issuer provid financi servic consum articl compet author supervisori investigatori power exercis function exercis power directli collabor author market undertak respons deleg author market undertak applic compet judici author prejudic articl power refer paragraph articl exercis conform nation law includ access document form whatsoev receiv copi demand inform person includ success involv transmiss order conduct oper concern princip summon hear person carri site inspect requir exist telephon exist data traffic record requir cessat practic contrari provis adopt implement direct suspend trade financi instrument concern request freez sequestr asset request temporari prohibit profession activ articl prejudic nation legal provis profession secreci articl oblig profession secreci appli person work work compet author author market undertak compet author deleg power includ auditor expert instruct compet author inform cover profession secreci disclos person author virtu provis laid law articl prejudic member state impos crimin sanction member state ensur conform nation law administr measur administr sanction impos person respons provis adopt implement direct compli member state ensur measur effect proportion dissuas accord procedur laid articl commiss inform draw list administr measur sanction refer paragraph member state determin sanction appli failur cooper investig cover articl member state provid compet author disclos public measur sanction impos infring provis adopt implement direct disclosur jeopardis financi market disproportion damag parti involv articl member state ensur appeal brought court decis compet author articl compet author cooper purpos carri duti make power set direct nation law compet author render assist compet author member state exchang inform cooper investig activ compet author request immedi suppli inform requir purpos refer paragraph compet author receiv request immedi measur order gather requir inform request compet author suppli requir inform immedi notifi request compet author reason inform suppli cover oblig profession secreci person emploi emploi compet author receiv inform subject compet author refus act request inform commun advers affect sovereignti secur public polici member state address judici proceed initi respect action person author member state address final judgment deliv relat person action member state address case notifi request compet author provid detail inform proceed judgment prejudic articl treati compet author request inform act reason time request inform reject bring complianc attent committe european secur regul discuss place order reach rapid effect solut prejudic oblig subject judici proceed crimin law compet author receiv inform pursuant paragraph exercis function scope direct context administr judici proceed specif relat exercis function compet author commun inform consent thereto author receiv inform purpos forward state compet author compet author convinc act contrari provis direct carri territori member state act affect financi instrument trade regul market situat member state give notic fact specif manner compet author member state compet author member state action inform notifi compet author outcom signific interim develop paragraph prejudic compet compet author forward inform compet author member state compet purpos articl consult propos follow action compet author member state request investig carri compet author member state territori request member personnel allow accompani personnel compet author member state investig investig subject control member state territori conduct compet author refus act request investig conduct provid subparagraph request personnel accompani personnel compet author member state provid subparagraph investig advers affect sovereignti secur public polici state address judici proceed initi respect action person author state address final judgment deliv relat person action state address case notifi request compet author provid inform detail proceed judgment prejudic provis articl treati compet author applic open inquiri request authoris offici accompani member state compet author act reason time reject bring complianc attent committe european secur regul discuss place order reach rapid effect solut accord procedur laid articl commiss adopt implement measur procedur exchang inform cross border inspect refer articl articl commiss assist european secur committe institut decis ec hereinaft refer quot committe quot refer made paragraph articl decis ec appli regard provis articl thereof provid implement measur adopt procedur modifi essenti provis direct period laid articl decis ec set month committe adopt rule procedur prejudic implement measur adopt expiri year period entri forc direct applic provis requir adopt technic rule decis accord paragraph suspend propos commiss european parliament council renew provis concern accord procedur laid articl treati end review prior expiri period refer articl member state bring forc law regul administr provis compli direct octob forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public member state determin refer made articl articl prejudg possibl member state make separ legal administr arrang oversea european territori extern relat member state respons articl direct eec articl articl direct ec european parliament council admiss secur offici stock exchang list inform publish secur repeal effect date entri forc direct articl direct enter forc dai public offici journal european union articl direct address member state brussel januari parliament presid cox council presid papandr oj oj oj opinion european parliament march publish offici journal council common posit juli oj decis european parliament octob publish offici journal oj oj oj oj oj direct amend european parliament council direct ec oj oj