Corporate information and financial transparency in the light of regulation of criminal market abuse: story of a failure that carries the ec trademark

Abstract: The article studies the problems of corporate information and financial transparency in the light of criminal market abuse. Discussion raises the question what objectives should European intervention pursue to preserve the markets? After studying the limits of Directive 2003/6/CE, corporate transparency and financial information are analysed as two complementary perspectives on protection. Then, the arguments are given for the fact that European regulation currently in force still appears too fragmented with regard to the supervision of financial markets, which remains in the hands of each member country’s national agency. Finally, regulatory dilemmas on corporate criminal law for financial markets are discussed. Key words: corporate information, financial transparency, criminal market abuse, European regulation JEL classification: K42, L15, M40