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EU enhances efforts to combat insider dealing and paves the way for better protection of victims in Europe

27-04-2012 14:37:00

”I am very satisfied that my all my colleagues were in full support of a strengthened framework for the protection of victims who want to make use of their right to free movement", says Minister Bødskov after today's meeting.

Photo: Council of the European Union
Morten Bødskov

The European Ministers of Justice have decided to step up their collective efforts to combat insider dealing and market manipulation. The ministers also showed broad support for a new framework aimed at improving the protection of victims across Europe.

The Justice Ministers of the EU Member States were gathered today in Luxembourg for the second Council meeting on Justice Affairs under Danish Presidency. Danish Minister of Justice and President of the Justice and Home Affairs Council, Morten Bødskov, had put the efforts to combat insider dealing and market manipulation on the agenda. Also on the agenda was a better protection of victims.

Insider dealing and market manipulation

At today’s meeting, the European Ministers of Justice fully supported a proposal for more coherent and consistent efforts to combat insider dealing and market manipulation across the EU. The Council agreed on the need to introduce effective criminal sanctions with a dissuasive effect.

This will help to prevent criminals from speculating in terms of where in the EU it is most advantageous to commit certain crimes. The ministers also decided to ensure that companies are held responsible when a criminal act has been committed.

Danish Minister of Justice and President of the JHA Council, Morten Bødskov, states:

”Today, we have taken important steps toward combatting insider dealing and market manipulation more effectively.

The financial crisis has shown us that the financial markets were not as robust as some might have taken them to be. This is why it is now important that the markets are rebuilt on a solid foundation where the ones who seek to abuse the trust of others are put to justice.

With more coherent criminal sanctions on insider dealing and market manipulation in all EU Member States, the criminals will no longer be able to speculate in terms of where in the EU it would be most advantageous to commit their crimes. I am certain that by introducing effective and consistent efforts all across the EU, we will make life much harder for the criminals who have had it too easy with today’s inconsistent and non-transparent regulation.”

Cross border protection of victims

The European Justice Ministers agree that awareness of the rights of victims needs to be raised. Therefore, the Ministers showed full support at today’s meeting for a new framework for strengthened protection of victims across borders. The new regime will ensure, for example, that a restraining order issued in one Member State will be recognized by another Member State, should the protected person choose to travel or move to that Member State.

Danish Minister of Justice and President of the JHA Council, Morten Bødskov, states:

”I am very satisfied that my all my colleagues were in full support of a strengthened framework for the protection of victims who want to make use of their right to free movement.

By introducing a regime where the victim is able to invoke the right to certain protection measures in other Member States, the victim is truly placed at the very center of matters. Therefore, I am pleased that the Council agrees that we must promote a simple regime where difficult and time demanding procedures are put aside in order to ensure an effective protection of victims. It is the only way for us to ensure a coherent protection of victims across borders.”

Contact

Press: Jakob Thune
Phone: +45 22 14 66 50, e-mail: jth@jm.dk

Agenda: Lasse Boje
Phone: +45 40 16 99 17, e-mail: lon@jm.dk

Background

Denmark holds the Presidency of The Council of The European Union during the first six months of 2012. The Council is made up of 10 Council configurations dealing with different thematic areas. The Minister of Justice is President of the Justice and Home Affairs Council.

The general purpose of the JHA Council is to ensure that the EU remains an “area with freedom, security and justice” and the Council deals with cooperation on border control, immigration, asylum, civil protection, civil law and police and criminal law matters. 

The JHA Council convenes three times during each Presidency and the meeting on 8 March 2012 is the first formal Council Meeting under the current Danish Presidency. The Danish Presidency hosted an Informal JHA Ministerial Meeting on 26-27 January 2012 in Copenhagen.

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