scholarly journals Implications of the New Framework for Market Abuse in the EU

2016 ◽  
Vol 1 (2) ◽  
pp. 15-21
Author(s):  
Ľubomír Čunderlík
Keyword(s):  
Market Manipulation ◽  
Member States ◽  
Eu Member States ◽  
Market Abuse ◽  
Insider Dealing ◽  
The Individual ◽  
New Framework ◽  
The Eu

The Market Abuse Regulation (MAR) was adopted in April 2014, and it has been uniformly regulating the issues of insider dealing and market manipulation throughout the EU since 3 July 2016. Unlike the previous legislation, deviation from the regulation’s wording will not be possible. This should exclude different applications, which have occurred in the individual EU Member States so far, when investigating unlawful behaviours marked as market abuse. The regulation introduced several substantial changes.

A historical overview of the general implementation of the European Union Market Abuse Directive in the United Kingdom before Brexit and its future implications

2017 ◽  
Vol 24 (2) ◽  
pp. 217-244
Author(s):  
Howard Chitimira
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Insider Trading ◽  
The European Union ◽  
Member States ◽  
Market Abuse ◽  
The United Kingdom ◽  
Insider Dealing ◽  
The Eu ◽  
Market Abuse Directive

The European Union (EU) was arguably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its Member States. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonized the insider trading ban among the EU Member States. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the UK’s vote to leave the European Union (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

Age Equality after the Employment Directive

2003 ◽  
Vol 10 (1) ◽  
pp. 9-38 ◽  
Author(s):  
Helen Meenan
Keyword(s):  
United Kingdom ◽  
The Netherlands ◽  
Age Discrimination ◽  
Member States ◽  
Eu Member States ◽  
The United Kingdom ◽  
Life Course Approach ◽  
The Usa ◽  
The Individual ◽  
The Eu

This article examines the Employment Directive from the age perspective and endorses a life course approach to ageing. It explores the permitted exclusions on grounds of age and especially the exceptional justification for direct age discrimination, contained in Article 6. In the end, EU Member States may find it more difficult to successfully transpose Article 6 than they imagine. The article reveals special challenges for age and refers to age laws in Ireland and the USA, in particular. It also refers to preparations for transposition in a number of Member States, including the United Kingdom and the Netherlands. Whether and to what extent age will ultimately receive the least protection of all the new grounds, remains to be seen and will depend largely on the individual approaches of the Member States. The ultimate consequence of the additional opportunities for excluding or justifying age discrimination may well be different protected areas throughout the EU.

5 Market Abuse

2020 ◽  
Author(s):  
De Carvalho Robalo Pedro
Keyword(s):  
Financial Crisis ◽  
Market Efficiency ◽  
European Commission ◽  
Market Manipulation ◽  
Market Abuse ◽  
Criminal Sanctions ◽  
Insider Dealing ◽  
Broad Framework ◽  
Undue Advantage ◽  
The Eu

This chapter assesses market abuse. Market abuse offences, in all of their possible forms, frustrate the concept of market efficiency by allowing undue advantage to the individuals performing the abusive actions, thus jeopardizing the development of fair and orderly markets. In turn, this is likely to harm confidence by undermining investors' beliefs that the market is fair, leading them to withdraw their investments. In Europe, the first European-wide legislative package was initiated with the adoption of the Market Abuse Directive in 2003 (Directive 2003/6/EC), with the aim of providing a broad framework that would address market manipulation and insider dealing practices in the EU. However, in the aftermath of the Financial Crisis in 2008, a review of the regime was required as a number of deficiencies were found. In 2011 and in order to address these issues, the European Commission adopted the proposal for the Regulation on insider dealing and market manipulation (MAR) as well as the Directive on Criminal Sanctions for Insider Dealing and Market Manipulation (CSMAD).

scholarly journals R&D Investments, EPO Patent Applications and the Economic Heterogeneity within the EU

2018 ◽  
Vol 18 (2) ◽  
pp. 177-191
Author(s):  
Zuzana Potužáková ◽  
Jan Öhm
Keyword(s):  
International Trade ◽  
Patent Protection ◽  
European Patent ◽  
Member States ◽  
Eu Member States ◽  
National Patent ◽  
Patent Applications ◽  
The Individual ◽  
Year 2000 ◽  
The Eu

Abstract In addition to internationalization and growing volumes of international trade in goods, the importance of expenditure on research and development (R&D) has grown significantly. National patent protection has become rather insufficient with increased international trade in goods, which has resulted in the importance of the international patent protection. The main aim of the article is to analyse the relation between R&D investment and the number of patent applications filed with the European Patent Office (EPO) after the year 2000, when the EU‘s Lisbon Strategy was launched. The authors have focused primarily on the differences among the EU macro-regions, which are based on the socioeconomic models. Conclusions imply that one percentage point of R&D expenditure generates roughly 100 EPO applications and the findings also show that individual macro-regions have the identical scattered data. However, dispersions in the individual groups of the EU Member States after the year 2000 differ. The EU Member States are starting to vary significantly in the intensity of R&D support also within each macro-region, thus disparities increase within the EU. Therefore, the attitude to GERD is considered to be an important factor contributing to the greater economic disparities within the EU.

scholarly journals The EU Global Competitive Force Index

2020 ◽  
Vol 183 (5-6) ◽  
pp. 17-25
Author(s):  
Olena Zayats ◽  
Keyword(s):  
Competition Policy ◽  
Global Economy ◽  
World Economy ◽  
International Integration ◽  
Member States ◽  
Global Competitiveness ◽  
Eu Member States ◽  
The World ◽  
The Individual ◽  
The Eu

Introduction. With this paper we want to show that the study of international competitiveness only at a country level does not correspond to the contemporary development of the global economy. The author presents the methodology for competitiveness grouping of international integration groupings’ member states in order to assess the global competitive force of trade and economic groupings in the world economy. Based on the data of the Global Competitiveness Report 2019 regarding the competitiveness of the EU Member States, the Global Competitive Force Index of the EU as an interstate integration grouping has been calculated. The Index will help evaluate economic integration or disintegration processes in the global economy. The research demonstrates the necessity of the annual global competitive force ranking of international integration groupings. This study will enhance knowledge in the field of economics by grouping the EU Member States’ global competitiveness indices according to 12 criteria and identifying the new quantitative and qualitative integrated Global Competitive Force Index of an international integration grouping. To reach this objective, we will define the Integrated Global Competitive Force Index as the average of the individual points of the EU Member States in 2019. The novelty of our study lies in the comparative analysis of the three largest interstate integration groupings from the perspective of their competitive force. The introduction of the new integrated Global Competitive Force Index of interstate integration groupings will help competition policy makers decide which processes of economic integration or disintegration should be preferred in order to increase their competitive force in the global economy. The purpose. Research and calculation of the European Union’s Integrated Global Competitive Force Index to analyze the attractiveness of the European Union in terms of global competitive force. Based on the calculation of the EU Integrated Global Competitive Force Index 2019, the attractiveness of the EU competitive environment has been determined according to 12 criteria. Results. The ranking of the three largest regional integration groupings of the world economy has been formed. Specification of the assessment and results of the integrated index of interstate integration groupings’ global development can be used for the competition policy development of the individual member state of an integration grouping as well as the communitarian competition policy. The EU Integrated Global Competitive Force Index will help understand what the integration grouping’s competitive force means and whether the process of interstate integration of countries contributes to enhancing the competitive force of an individual country and the integration grouping as a whole. To calculate the EU Integrated Competitive Force Index, we will analyze the Member States on 12 competitive strength criteria, and Global Competitiveness Report 2019 will serve as the basis for our study. According to our calculations, the EU Integrated Global Competitive Force Index is 72 points out of 100. Conclusion. The results of a comprehensive integrated assessment of the competitive force of 28 EU Member States demonstrate a high overall competitive force index of the grouping, indicating the EU’s impact on global competitive processes. The EU Global Competitive Force Index can be used both as an indicator of the separate international integration grouping’s development and as a global criterion for the effectiveness of interstate integration groupings in the transformation of international competitive relations. Discussion. The highlighting of the EU global competitive force is a requirement for the contemporary development of the global competitive environment, since interstate integration groupings are the main actors of the world economy, which significantly affect the distribution and growth of competitive force.

scholarly journals PIKTNAUDŽIAVIMO RINKA REGLAMENTAS – ADMINISTRACINĖS ATSAKOMYBĖS KLAUSIMAS

Teisė ◽  
2014 ◽  
Vol 91 ◽  
pp. 100-118
Author(s):  
Oksana Fruzerova
Keyword(s):  
Market Manipulation ◽  
Member States ◽  
Market Abuse ◽  
Natural Person ◽  
Insider Dealing ◽  
Administrative Code ◽  
Market Abuse Directive

Piktnaudžiavimo rinka direktyvoje 2003/6/EB numatyta, kad už draudimų piktnaudžiauti rinka pažeidimus,t. y. už manipuliavimą rinka ir pasinaudojimą viešai neatskleista informacija, valstybės narės turi numatyti proporcingas ir atgrasančias sankcijas. Už minėtų draudimų pažeidimus Lietuvoje fiziniams asmenims remiantisATPK 1735 straipsnio 4 dalimi gali būti paskirta iki 30 tūkst. litų bauda (apie 8 700 eurų). Tačiau Piktnaudžiavimo rinka reglamentas, kuris greitu laiku pakeis 2003 m. direktyvą, už draudimų manipuliuoti rinka ir naudotis viešai neatskleista informacija pažeidimus fiziniams asmenims įtvirtina iki 5 mln. eurų administracines baudas. Pagrindinis straipsnio tikslas – išanalizuoti fizinių asmenų administracinės atsakomybės taikymo klausimą Lietuvoje, atsižvelgiant į naująjį ES piktnaudžiavimo rinka reglamentą. Market abuse directive 2003/6/EC provides that member states for market abuse violations, market manipulation and insider dealing, should establish proportionate and dissuasive sanctions. According to Lithuanian administrative code (Article 1735) up to 30 000 litas (about 8 700 euros) penalty might be imposed on natural person for violation of prohibition of market manipulation and insider dealing. However, Market abuse regulation, that will soon replace directive 2003/6/EC, establishes 5 million EUR administrative pecuniary sanctions in respect of natural person for market manipulation and insider dealing. The main goal of this article is to analyze the issues of the administrative liability of natural person in Lithuania taking into consideration the upcoming EU market abuse regulation.

scholarly journals Contested European citizenship: Results from a 13 country survey

2021 ◽  
pp. 000169932110662
Author(s):  
Jürgen Gerhards ◽  
Holger Lengfeld ◽  
Clara Dilger
Keyword(s):  
Minor Importance ◽  
Strong Impact ◽  
Political Rights ◽  
Structural Factors ◽  
Member States ◽  
Eu Member States ◽  
Country Level ◽  
European Citizenship ◽  
The Individual ◽  
The Eu

European citizenship consisting of equal economic, social and political rights for all EU citizens has come under pressure in recent years due to the different crises the EU had to face. Based on a survey conducted in 13 EU member states we examined to what extent EU citizens support the notion that citizens from other European countries should enjoy the same rights as nationals. Overall, 56% of EU citizens support the idea that citizens from other EU member states (EU migrants) and national citizens shall be treated equally. In addition, we find remarkable variation between the countries. Multivariate analyses indicate that cultural factors on the individual and the country level have a strong impact on attitudes towards Europeanized equality, whereas structural factors that are related to individuals’ and a countries’ socioeconomic position are only of minor importance.

scholarly journals INTERNATIONAL REGULATION OF MEDIATION IN THE EU

2021 ◽  
Author(s):  
Daniela Petrova ◽  
Keyword(s):  
Public Life ◽  
Legal Regulation ◽  
Member States ◽  
International Regulation ◽  
European Legislation ◽  
Eu Member States ◽  
Analytical Review ◽  
Similarities And Differences ◽  
The Individual ◽  
The Eu

The future in resolving disputes in all spheres of public life lies in mediation. The aim of the author of this article is to present the current relevant European legislation on mediation and how it has found application - transposition into the legislation of EU member states. After a comparative analytical review, highlight the similarities and differences regarding the legal regulation in the individual countries and point out the good legislative practices and the progress made by the EU member states.

scholarly journals Categorization of the EU Member States in the Context of Selected Multicriteria International Indices Using Cluster Analysis

2020 ◽  
Vol 20 (3) ◽  
pp. 379-401
Author(s):  
Erika Onuferová ◽  
Veronika Čabinová ◽  
Mária Matijová
Keyword(s):  
Cluster Analysis ◽  
Euclidean Distance ◽  
Rate Of Change ◽  
The European Union ◽  
Member States ◽  
Eu Countries ◽  
Eu Member States ◽  
Starting Point ◽  
The Individual ◽  
The Eu

AbstractThe main aim of the paper was to analyse the economic and social development of the European Union (EU) member states (28 countries) on the basis of selected five multicriteria indices (the Global Competitiveness Index, the Economic Freedom Index, the Global Innovation Index, the Corruption Perceptions Index, the Human Development Index). To perform settled aim, a multidimensional classification of EU countries for years 2011 and 2018 using cluster analysis was realized. The purpose of the analysis was to categorize the individual EU countries into clusters and to find out to what extent the position of EU member states has changed in terms of selected international indices over the analysed period. Based on the findings, it is arguable that a major part of the EU member states cluster into the same groups based on the selected indices assessment, regardless of the time period. However, six countries (Czech Republic, Estonia, Germany, Latvia, Lithuania, and United Kingdom) improved their position during the period under review and ranked into the cluster of more prosperous countries in 2018. The rate of change (improvement) was quantified at the level of 21.43%. Based on the results, Latvia and Lithuania were the most similar countries in terms of economic prosperity (Euclidean distance reached the level of 3.08), while the least similar countries were Greece and Sweden (Euclidean distance reached the level of 70.8). Declining Euclidean distances indicate that economic disparities of the individual EU countries have decreased in the period under review. This paper aims at developing the research to find out how, besides hierarchy, we can analyse the EU member states from the perspective of various multicriteria indices. The four proposed clusters could be used as a starting point for future policy reforms, pointing to the weaknesses of various countries.

scholarly journals Main Initiatives of the European Union in Combating Market Abuse

2014 ◽  
pp. 244-252
Author(s):  
R. A. Kasyanov
Keyword(s):  
European Union ◽  
Systems Approach ◽  
Legal Regulation ◽  
Market Manipulation ◽  
The European Union ◽  
Market Abuse ◽  
Stage Of Development ◽  
Council Directive ◽  
Insider Dealing ◽  
The Eu

In the European Union combating insider violations and market manipulation is one of the key tasks in the domain of legal regulation of the finance market. The EU takes a systems approach to the solution of this problem, as the development of the legal regulation in this field goes the way of enhancing a respective complex of legal norms. In 7 989 the first stage of the development of the EU legal base in the area of combating insider violations was undertaken. In the mentioned year a Council Directive 89/592/EEC on insider dealing was adopted which created the basis for the legal regulation in this field. The document, despite its progressive nature for that time, soon became outdated and no longer could meet the demands of modern finance markets. In 2003 the European Union decided to enhance its legal base and adopted a new Directive 2003/6/ EC of the European Parliament and of the Council on insider dealing and market manipulation (market abuse). This secondary law act, which is still in force, has a much wider scope because its key notion "market abuse" comprises two forms of unlawful actions: insider dealing and market manipulation. In 20 7 7 drafts of new regulatory acts were elaborated - a regulation on insider dealing and market manipulation (market abuse) and a directive on criminal sanctions for insider dealing and market abuse. Should these acts be adopted, the third stage of development of the legal base in this area will begin. This article is aimed at analysing specific features of the second-stage development of the EU legal base and attempting to characterise the main directions of the upcoming reform.

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