Council Directive 2003/6/EC on insider dealing and market manipulation which was aimed at reducing market abuse and which applied to any financial instrument admitted to trading on a regulated market or in respect of which a request for admission to trading had been made.

MAD and its implementing legislation were repealed and replaced by the EU Market Abuse Regulation (EU MAR) with effect from 3 July 2016. For more information on EU MAR, see Practice note, EU Market Abuse Regulation (EU MAR): overview.