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The Revised Draft of EU Market Abuse Directive:Also on the Financial Crimes Culpability Identification’s Objectivation and Socialization Trend

Li Mingliang,Li Hong  
European Commission issued a revised draft on October 20th,2011 for a regulation on insider dealing and market manipulation(i.e.market abuse) to update and strengthen the existing Market Abuse Directive(2003/6/EC),and a separated punishment directive to be enacted too.As another major change in financial regulation after Dodd-Frank Act,it is reflecting the objectivation and socialization of standards of culpability in financial area as well as the imperative need of criminal act’s function on allocating risk besides deterrence in context of risk society.China should pay attention and take efforts to this trend such as clarifying the concept and constitutive elements of market abuse,moving forward regulatory crossings,emphasizing cross-market and cross-border illegal activities and strengthening administrative and judicial coordination and convergence.
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