Finance industry groups are worried that the European Commission’s proposed changes to norms over the burden of proof on market manipulation shift the focus away from supervisors and on to the legitimate market users.
Finance industry trade organisations, responding to the European Commission’s revision of the Market Abuse Directive (MAD), on Friday said the onus should be on supervisors to demonstrate market abuse, not for a party accused of market manipulation to show that they were acting legitimately.
The groups were responding to a series of questions posed in an EU consultation paper.
The Association for Financial Markets in Europe, the British Bankers’ Association and International Swaps and Derivatives Association were involved in the joint statement.
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