The regional newspaper industry has given its backing to the proposed Market Abuse Directive from the European Parliament.

The directive is designed to protect and encourage legitimate financial journalism and is due be implemented soon.

The changes should eliminate insider dealing and market manipulation, and could mean journalists having to disclose their financial interests.

This means that journalists writing about stocks and shares might have to declare whether they own shares in the companies they are writing about.

The Newspaper Society - which represents the regional press - has been consulted by the Treasury on the text of proposed draft regulations, along with representatives from the financial press, Reuters and the Press Complaints Commission.

Its subsequent written submission included some amendments, but a Society spokesman said: "We welcome the general approach adopted by the Government, in respect of making or disseminating investment recommendations, confining the media to the broad principles laid down by the Directive but leaving the details of compliance to self regulation."

This follows the stance maintained by the Society and other groups during the passage of the Directive.

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