Proposed changes to the market abuse regime may have a far-reaching impact, beyond what even the European Commission had in mind when it drafted the legislation.
In the Market Abuse Directive (MAD), the EC has proposed widening the categories of information that would qualify as inside information.
“It’s possible that those drafting it weren’t aware of all the practical consequences that expanding the scope of the legislation to this extent would have,” said Lucy Frew of Gide Loyrette Nouel’s London practice.
The European Banking Federation (EBF), one of the most powerful industry bodies in Europe, added its voice to...