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EU markets regulator launches consultation on new rules against market abuse

The European Securities and Markets Authority launched a consultation on proposals meant to tighten the regulatory regime for market abuse.

The proposals are aimed at addressing several issues, including the potential inclusion of spot foreign exchange contracts within the scope of the market abuse regulation and a possible cross-market order book surveillance framework.

So-called cum-ex and multiple withholding tax reclaim schemes could also be included in the regime, as well as cross-border enforcement of sanctions.

The consultation will run up until Nov. 29, after which ESMA said it intends to submit a final report based on the responses to the European Commission by spring 2020.