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 With effect from 3 July 2016, MAD was repealed and replaced by a Regulation on insider dealing and market manipulation (MAR).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.

Featured definitions