Market Abuse Regulation (MAR) and Directive on Criminal Sanctions for Market Abuse (CSMAD) were passed by European Securities Markets Authority (ESMA) and are known collectively as MAD II.

MAD II seeks to consolidate the international response to MAD into a more cohesive and effective set of criminal sanctions. To do this it extends the definition of insider trading and market manipulation such that trading on a MTF, OTF, or OTC can be regulated and commodity derivatives are considered to be inside information. Additionally, transaction reporting requirements are clarified and new expectations for simpler information sharing are introduced.

Under MAD II, regulators are authorized to receive significant private communications when insider trading is suspected. Furthermore, Attempted Market Manipulation is classified as a unique offense, subject to sanctions and punishment.

Companies which deal with financial instruments admitted to trading on a regulated market or for which a request for admission to trading on a regulated market has been made; financial instruments traded on a multilateral trading facility (MTF); financial instruments traded on an organized trading facility (OTF); or financial instruments not covered by the previous three points where the price or value of which is linked to the price or value of a financial instrument referred to in those points.