MAD

Market Abuse Directive (2003/6/EC). MAD was an EU directive aimed at harmonizing the rules for market abuse throughout the EEA and was adopted in 2003. With effect from 3 July 2016, MAD was repealed and replaced by a Regulation on insider dealing and market manipulation (MAR). MAR is complemented by a Directive on criminal sanctions for such activities (CSMAD), which was to be transposed by participating EU Member states into their national laws by 3 July 2016. Together, these proposals are known as MAD II. MAD II aims to strengthen the existing market abuse regime and to address the shortcomings revealed by the financial crisis.