This practice note provides an overview of the European Commission's review of the Market Abuse Directive (2003/6/EC) (MAD) and the proposals it put forward in its June 2010 consultation on the review.

For an overview of the Commission's legislative proposals to revise MAD (known as MAD II), which were published in October 2011, see Practice note, Hot topics: MAD II.

For practitioner analysis and comment on the key changes which would result from implementation of the MAD II proposals and the key issues and concerns arising (based on the text of the proposals as published by the Commission in October 2011), see Article, European Commission's MAD revision proposals: practitioner analysis and comment.