A controversial European directive which would place limits on UK financial journalists has cleared its latest hurdle. The market abuse directive could now be implemented as early as next year.
The directive is intended to stop analysts and brokers from insider trading and share ramping. But it will also require journalists to disclose financial interests, apparently in print, when they tip shares.
It was ratified by the Economic and Monetary Affairs Committee of the European Parliament on Tuesday.
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Executive director of the European Publishers Council, Angela Mills, told Press Gazette: “We are concerned that the text has changed now to include a section that says where journalists report on recommendations from third parties they have to give details of any of their possible conflicts of information. That would have to go in the newspaper.
“We’re hoping the regulators will realise that there are other ways to avoid conflicts of interest. Self-regulation at national level will make sure that journalists detail personal conflicts of interest to their editors.”
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