Accepted Market Practices

"Accepted Market Practices" (AMPs)

The Market Abuse Directive came into effect on 12 October 2004 . In the event of a person manipulating a market, the Directive (2003/6/EC in Article 1 (5)) provides a defence if the transaction was legitimate and in accordance with market practices accepted by the competent authority – these are often referred to as "Accepted Market Practices" (AMPs).

The decision to accept any given market practice as an ‘AMP’ applies only to the practice in question in relation to a specific national market. This reflects the fact that the characteristics of each market may differ and as such, a particular practice may well be appropriate for one market but inappropriate for another where the conditions (such as the market size etc.) differ.

Article 2 of the Directive 2004/72/EC implementing the Market Abuse Directive describes the non–exhaustive factors that a competent authority should take into account before deciding whether or not to accept a market practice. Article 3 of the Directive 2004/72/EC sets out the process that the competent authority must follow in accepting any given market practice. The competent authority must in particular consult as appropriate relevant bodies such as representatives of issuers, financial services providers, consumers, other authorities and market operators before officially accepting an AMP.

However, for core reference documents, please see "Description" below.

To increase transparency and in accordance with CESR's Directive obligations, those AMPs which have been accepted by a national jurisdiction can be found below in the section Documents.

Links to useful ‘core' reference documents in relation to Accepted Market Practices and the Market Abuse Directive are included below:

  • Directive 2003/6/EC of 28 January 2003 on insider dealing and market manipulation (market abuse)

  • Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC as regards exemptions for buy-back programmes and stabilisation of financial instruments

  • Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation

  • Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions

  • Market Abuse Directive - Level 3 – first set of CESR guidance and information on the common operation of the Directive (Ref. CESR/04-505b)

15 Jan. 2009
Accepted Market Practices: Purchase of own shares to hold them for future acquisition of shares of another company (Greece)
[AMP Greece]
19 Aug. 2008
Accepted Market Practices: Liquidity Contracts (Portugal)
[AMP Portugal]
11 Feb. 2008
Accepted Market Practices: Liquidity Contracts (Spain)
[AMP Spain]
03 Jun. 2005
Accepted Market Practices - Frequently Asked Questions
30 May. 2005
Accepted Market Pratices: Valuation transaction on the bond market on the Vienna Stock Exchange (Austria)
[AMP Austria]