https://europa.eu/european-union/eu-law/legal-acts_fr, Sanction du Libor : 5. This Directive should oblige Member States to provide in their national law for criminal penalties in respect of insider dealing, market manipulation and unlawful disclosure of inside information to which this Directive applies. De manière générale, personne n’aime avoir son travail surveillé, et les traders ne font pas exception. 4. For the purposes of this Directive, recommending that another person engage in insider dealing, or inducing another person to engage in insider dealing, arises where the person possesses inside information and: recommends, on the basis of that information, that another person acquire or dispose of financial instruments to which that information relates, or induces that person to make such an acquisition or disposal; or. Not all Member States have provided for criminal sanctions for some forms of serious breaches of national law implementing Directive 2003/6/EC. Without prejudice to the general rules of national criminal law on the application and execution of sentences in accordance with the concrete circumstances in each individual case, the imposition of sanctions should be proportionate, taking into account the profits made or losses avoided by the persons held liable as well as the damage resulting from the offence to other persons and, where applicable, to the functioning of markets or the wider economy. B. En effet, elles doivent débourser des millions d’euros pour adapter leur façon de fonctionner, de trader, sans aucun gain de marché en contrepartie. By 4 July 2018, the Commission shall report to the European Parliament and to the Council on the functioning of this Directive and, if necessary, on the need to amend it, including with regard to the interpretation of serious cases as referred to in Article 3(1), Article 4(1) and Article 5(1), the level of sanctions provided for by Member States and the extent to which the optional elements referred to in this Directive have been adopted. 2. En outre, l’un des défis de ces établissements est de veiller à ce que les exigences MAD I et MIFID I et II soient également appliquées. The European Data Protection Supervisor delivered an opinion on 10 February 2012 (6). Dans un monde post MIFID II, les trades OTC (over the counter, donc sans passer par une plateforme règlementée) ne devraient plus exister. D. CLEFS POUR RÉUSSIR L’IMPLÉMENTATION DE MAD II. La manipulation des cours des instruments financiers. It also required Member States to ensure that competent authorities have the power to detect and investigate market abuse. An integrated and efficient financial market and stronger investor confidence requires market integrity. Elles comprennent désormais des amendes, des peines d’emprisonnement, et une publication publique des infractions. The imposition of criminal sanctions for market abuse will have an increased deterrent effect on potential offenders. Without prejudice to the right of Member States to impose criminal sanctions, Directive 2003/6/EC also required Member States to ensure that the appropriate administrative measures can be taken or administrative sanctions can be imposed against the persons responsible for violations of the national rules implementing that Directive. After transmission of the draft legislative act to the national parliaments. Par exemple, pour un swap FX, ou sur les forwards, des entités vont considérer qu’il y a deux transactions, d’autres une seule uniquement (donc potentiellement la surveillance de deux instruments au lieu d’un). Il s’agit notamment de l’exécution des transactions ainsi que du passage, de l’annulation et de la modification des ordres de négociation. 2. Enfin, sous MIFID 2, le fait d’être SI (systematic internaliser) est considéré comme une contrepartie et non une trading venue. Aussi, les niveaux de sanctions variaient considérablement selon les Etats membres. En effet, par essence, plus les sanctions sont importantes, moins les acteurs seront tentés de manipuler les marchés. Member States shall take the necessary measures to ensure that unlawful disclosure of inside information as referred to in paragraphs 2 to 5 constitutes a criminal offence at least in serious cases and when committed intentionally. Un système d’information capable de stocker les données de toute l’activité de trading est déjà très exigeant. Afin d’assurer le succès de la mise en œuvre de MAD II, les mesures suivantes doivent être prises : Comme explicité auparavant, il est primordial pour les établissements financiers d’adapter les systèmes informatiques et de surveillance. Un tel comportement est interdit, à moins qu’il ne puisse être établi que les actions aient été menées pour des raisons légitimes et qu’elles sont conformes aux pratiques commerciales acceptées.
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