Intended to establish a harmonised regime of minimum criminal and administrative sanctions across the EU. The MAD II reforms update and extend the 2003 MAD, a brief reminder of the hitherto-proposed highlights follows : Member states will use this period to transpose the directive onto their respective national law- the UK has decided not to opt in to the CSMAD and will therefore not be bound by its strictures and sanctions, but be subject to the Regulation. Consisting of the Market Abuse Regulation (MAR) and the Criminal Sanctions Market Abuse Directive (CSMAD), the legislation will come into force 24 months after its publication in the OJ, expected in June, at which time the original MAD will be repealed. The EU Parliament has voted to adopt the Market Abuse Regulation, completing the MAD 2 legislative package.
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