The European Central Bank (ECB) has published an opinion on: (i) a proposal for a Directive on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council; (ii) a proposal for a Regulation on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories; (iii) a proposal for a Directive on criminal sanctions for insider dealing and market manipulation; (iv) a proposal for a Regulation on insider dealing and market manipulation.