Part A Annotated Guide, 5 Public Enforcement of the Market Abuse Regulation
Edited By: Marco Ventoruzzo, Sebastian Mock
- Securities — Enforcement — Market abuse — Market Abuse Directive (MAD) — Regulated activities
This chapter discusses the MAR’s approach to public enforcement. It first describes the historical evolution of public enforcement of market abuse and securities regulation in general. The Market Abuse Regulation (MAR) is notably the first EU legislative initiative with an encompassing approach to enforcement following the watershed 2007–2008 financial crisis. The chapter sketches the innovations of the MAR relating to public enforcement. It deals with the enhanced powers of the competent authorities, the closer involvement of market actors, and the improved cooperation between authorities. Finally, the chapter makes an economic assessment of the effectiveness of the new enforcement regime and its impact at the micro and macro level.