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The Danish Minister for Justice wishes to increase the efforts against insider dealing and strengthen the protection of victims in Europe

26-04-2012 13:06:00

The Danish Minister for Justice, Morten Bødskov, will be chairing the JHA Council meeting and has among other issues put EU’s efforts against insider dealing on the agenda.

Photo: Council of the European Union
Ministers for Justice Affairs

The Danish Minister for Justice and Chairman of the JHA Council, Morten Bødskov, wishes to increase the efforts against insider dealing in Europe. Therefore, the Minister will ask for support for consistent sanctions when the European Ministers for Justice gather at the Council meeting in Luxembourg. Furthermore, the Danish Minister for Justice has put the protection of victims in the EU on the agenda for the meeting.

On 26-27 April 2012 a Council meeting on Justice and Home Affairs (JHA) will be held in Luxembourg. On the second day of the meeting the Ministers for Justice will discuss the currently most relevant cases in the area of Justice Affairs. EU-Commissioner for Justice Affairs, Viviane Reding, will also be attending the meeting.

The Danish Minister for Justice, Morten Bødskov, will be chairing the JHA Council meeting and has among other issues put EU’s efforts against insider dealing on the agenda.

The Danish Presidency will ask for the support of the Member States for a more consistent and uniform approach to the sanctions for insider dealing and market manipulation. According to the relevant proposal, Member States must ensure effective sanctions with a deterring effect. This will help to prevent criminals from speculating in terms of where in the EU it is most advantageous to commit certain crimes. Furthermore, the proposal extends liability for companies where the criminal activity has been committed by a person with a leading position within the company.

The Danish Minister for Justice, Morten Bødskov, states:

“We are focusing on the fight against insider dealing and market manipulation, as it undermines the trust in the financial markets. We have to realize that the large legislative differences between the member states have made life much too easy for criminals.

There are Member States who have not provided for criminal sanctions for this kind of criminal activity. The financial crisis has shown us just how alarmingly high the appetite for risk is on the financial markets and we need to be tough on those who take this too far.

This is why I hope, that we at the Council meeting can reach an agreement on more consistent and uniform sanctions for insider dealing and market manipulation, in order to effectively fight this within the EU. This will also help to rebuild the confidence in the financial markets."

Better protection of victims of violence

The Minister for Justice has put a better protection of victims in the EU on the agenda for the Council Meeting. The Member States agree that the treatment of victims should be at the core of the national justice systems, and the Council is negotiating new regulation in order to provide better cross border protection for victims. The new regulation will, amongst other things, comprise, that a restraining order issued in one Member State is to be recognized by another Member State if the protected person is travelling or moving to this Member State. Due to the Danish opt-out, Denmark will not be included in the new cooperation.

The Danish Minister for Justice, Morten Bødskov, states:

“In the area of protection of victims we need common European rules as well. EU citizens have the right to move freely within the EU, but as it is today, some victims of violence are at risk of being bound to their home country.

I have therefore put a proposal on the agenda for the Council meeting, which will ensure that a restraining order issued in for example Sweden will be recognized in Germany, should the protected person travel or move to Germany. Consequently, the German police must provide the same protection it would have provided to a German citizen protected by a German restraining order.

It is my hope that the Council Meeting will show support for my suggestion concerning effective procedures for the approval of this kind of protection measures issued in other EU countries, so that  we can ensure a coherent protection of victims of violence across borders.”

Following the meeting (at approximately 17:30), a press conference will be held. 

Contact

Press: Jakob Thune, Ministry of Justice
Tel: +45 22 14 66 50, email: jth@jm.dk

Agenda: Lasse Boje, Ministry og Justice
Tel: +45 40 16 99 17, email: 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 was the first formal Council Meeting under the current Danish Presidency. The upcoming meeting on 26-27 April 2012 in Luxembourg is the second Council meeting to be held. The final Council meeting during the Danish Presidency is scheduled to take place on 7-8 June 2012, also in Luxembourg. The Danish Presidency hosted an Informal JHA Ministerial Meeting on 26-27 January 2012 in Copenhagen.

Further Information

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