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PR(06)03: Liechtenstein fails to implement three directives concerning market abuse in the field of stock exchanges and securities

1.2.2006

The EFTA Surveillance Authority today delivered reasoned opinions to Liechtenstein due to its failure to ensure implementation of the following three directives concerning market abuse in the field of stock exchanges and securities:

  • Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse).
  • Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation.
  • Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest.

Liechtenstein should have implemented the directives before 1 June 2005.

The purpose of the directives is to create a common EEA framework  to combat market abuse on regulated financial markets in order to ensure integration and efficiency of those markets. Combating market abuse is important in order to ensure the smooth functioning of, and public confidence in, securities markets, both of which are prerequisites for economic growth and wealth. The term "market abuse" covers the terms "inside information" and "market manipulation". Market manipulation and the misuse of inside information are both considered as practices that are harmful to the integrity of financial markets and public confidence in securities and derivatives.

The purpose of the Authority’s reasoned opinions is to give Liechtenstein a last chance to take corrective measures before the Authority decides whether to bring the matter before the EFTA Court. Liechtenstein has been given two months to take the measures necessary to comply with the reasoned opinions.

For further information, please contact:
Mr. Hallgrímur Ásgeirsson
Director, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 60

1 February 2006 




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