Regulation (EU) No 596/2014 (MAR) — market abuse

Current as of 16 April 201439 provisions

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["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 10"]
Unlawful disclosure of inside information
Unlawful disclosure of inside information 1. For the purposes of this Regulation, unlawful disclosure of inside information arises where a person possesses…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 6"]
Exemption for monetary and public debt management activities and climate policy activities
Exemption for monetary and public debt management activities and climate policy activities 1. This Regulation does not apply to transactions, orders or…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 18"]
Insider lists
Insider lists 1. Issuers or any person acting on their behalf or on their account, shall: (a) draw up a list of all persons who have access to inside…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 17"]
Public disclosure of inside information
Public disclosure of inside information 1. An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. The…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 14"]
Prohibition of insider dealing and of unlawful disclosure of inside information
Prohibition of insider dealing and of unlawful disclosure of inside information A person shall not: (a) engage or attempt to engage in insider dealing; (b)…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 2"]
Scope
Scope 1. This Regulation applies to the following: (a) financial instruments admitted to trading on a regulated market or for which a request for admission to…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 13"]
Accepted market practices
Accepted market practices 1. The prohibition in Article 15 shall not apply to the activities referred to in Article 12 (1)(a), provided that the person…
["CHAPTER 6", "DELEGATED ACTS AND IMPLEMENTING ACTS", "Article 35"]
Exercise of the delegation
Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 21"]
Disclosure or dissemination of information in the media
Disclosure or dissemination of information in the media For the purposes of Article 10, Article 12(1)(c) and Article 20, where information is disclosed or…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 9"]
Legitimate behaviour
Legitimate behaviour 1. For the purposes of Articles 8 and 14, it shall not be deemed from the mere fact that a legal person is or has been in possession of…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 30"]
Administrative sanctions and other administrative measures
Administrative sanctions and other administrative measures 1. Without prejudice to any criminal sanctions and without prejudice to the supervisory powers of…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 8"]
Insider dealing
Insider dealing 1. For the purposes of this Regulation, insider dealing arises where a person possesses inside information and uses that information by…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 11"]
Market soundings
Market soundings 1. A market sounding comprises the communication of information, prior to the announcement of a transaction, in order to gauge the interest of…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 19"]
Managers’ transactions
Managers’ transactions 1. Persons discharging managerial responsibilities, as well as persons closely associated with them, shall notify the issuer or the…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 20"]
Investment recommendations and statistics
Investment recommendations and statistics 1. Persons who produce or disseminate investment recommendations or other information recommending or suggesting an…
["CHAPTER 7", "FINAL PROVISIONS", "Article 37"]
Repeal of Directive 2003/6/EC and its implementing measures
Repeal of Directive 2003/6/EC and its implementing measures Directive 2003/6/EC and Commission Directives 2004/72/EC (32), 2003/125/EC (33) and 2003/124/EC…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 15"]
Prohibition of market manipulation
Prohibition of market manipulation A person shall not engage in or attempt to engage in market manipulation.
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 32"]
Reporting of infringements
Reporting of infringements 1. Member States shall ensure that competent authorities establish effective mechanisms to enable reporting of actual or potential…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 1"]
Subject matter
Subject matter This Regulation establishes a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market…
["CHAPTER 7", "FINAL PROVISIONS", "Article 38"]
Report
Report By 3 July 2019, the Commission shall submit a report to the European Parliament and to the Council on the application of this Regulation, together with…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 22"]
Competent authorities
Competent authorities Without prejudice to the competences of the judicial authorities, each Member State shall designate a single administrative competent…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 3"]
Definitions
Definitions 1. For the purposes of this Regulation, the following definitions apply: (1) ‘financial instrument’ means a financial instrument as defined in…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 7"]
Inside information
Inside information 1. For the purposes of this Regulation, inside information shall comprise the following types of information: (a) information of a precise…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 4"]
Notifications and list of financial instruments
Notifications and list of financial instruments 1. Market operators of regulated markets and investment firms and market operators operating an MTF or an OTF…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 29"]
Disclosure of personal data to third countries
Disclosure of personal data to third countries 1. The competent authority of a Member State may transfer personal data to a third country provided the…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 33"]
Exchange of information with ESMA
Exchange of information with ESMA 1. Competent authorities shall provide ESMA annually with aggregated information regarding all administrative sanctions and…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 16"]
Prevention and detection of market abuse
Prevention and detection of market abuse 1. Market operators and investment firms that operate a trading venue shall establish and maintain effective…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 26"]
Cooperation with third countries
Cooperation with third countries 1. The competent authorities of Member States shall, where necessary, conclude cooperation arrangements with supervisory…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 28"]
Data protection
Data protection With regard to the processing of personal data within the framework of this Regulation, competent authorities shall carry out their tasks for…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 12"]
Market manipulation
Market manipulation 1. For the purposes of this Regulation, market manipulation shall comprise the following activities: (a) entering into a transaction…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 27"]
Professional secrecy
Professional secrecy 1. Any confidential information received, exchanged or transmitted pursuant to this Regulation shall be subject to the conditions of…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 34"]
Publication of decisions
Publication of decisions 1. Subject to the third subparagraph, competent authorities shall publish any decision imposing an administrative sanction or other…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 24"]
Cooperation with ESMA
Cooperation with ESMA 1. The competent authorities shall cooperate with ESMA for the purposes of this Regulation, in accordance with Regulation (EU) No…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 31"]
Exercise of supervisory powers and imposition of sanctions
Exercise of supervisory powers and imposition of sanctions 1. Member States shall ensure that when determining the type and level of administrative sanctions…
["CHAPTER 6", "DELEGATED ACTS AND IMPLEMENTING ACTS", "Article 36"]
Committee procedure
Committee procedure 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (31). That…
["CHAPTER 7", "FINAL PROVISIONS", "Article 39"]
Entry into force and application
Entry into force and application 1. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 23"]
Powers of competent authorities
Powers of competent authorities 1. Competent authorities shall exercise their functions and powers in any of the following ways: (a) directly; (b) in…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 5"]
Exemption for buy-back programmes and stabilisation
Exemption for buy-back programmes and stabilisation 1. The prohibitions in Articles 14 and 15 of this Regulation do not apply to trading in own shares in…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 25"]
Obligation to cooperate
Obligation to cooperate 1. Competent authorities shall cooperate with each other and with ESMA where necessary for the purposes of this Regulation, unless one…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 18"]
Insider lists
Insider lists 4. Issuers or any person acting on their behalf or on their account shall update the insider list promptly, including the date of the update, in…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 2"]
Scope
Scope 2. Articles 12 and 15 also apply to: (a) spot commodity contracts, which are not wholesale energy products, where the transaction, order or behaviour has…
["CHAPTER 6", "DELEGATED ACTS AND IMPLEMENTING ACTS", "Article 35"]
Exercise of the delegation
Exercise of the delegation (14), shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 7"]
Inside information
Inside information precise nature, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 4"]
Notifications and list of financial instruments
Notifications and list of financial instruments 2. Competent authorities of the trading venue shall transmit notifications that they receive pursuant to…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 13"]
Accepted market practices
Accepted market practices 2. A competent authority may establish an accepted market practice, taking into account the following criteria: (a) whether the…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 32"]
Reporting of infringements
Reporting of infringements 5. The Commission shall adopt implementing acts to specify the procedures referred to in paragraph 1, including the arrangements for…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 16"]
Prevention and detection of market abuse
Prevention and detection of market abuse 5. In order to ensure consistent harmonisation of this Article, ESMA shall develop draft regulatory technical…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 6"]
Exemption for monetary and public debt management activities and climate policy activities
Exemption for monetary and public debt management activities and climate policy activities 4. This Regulation does not apply to the activities of a Member…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 5"]
Exemption for buy-back programmes and stabilisation
Exemption for buy-back programmes and stabilisation (3) of Regulation (EU) No 600/2014. 4. The prohibitions in Articles 14 and 15 of this Regulation do not…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 17"]
Public disclosure of inside information
Public disclosure of inside information 2. An emission allowance market participant shall publicly, effectively and in a timely manner disclose inside…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 9"]
Legitimate behaviour
Legitimate behaviour 2. For the purposes of Articles 8 and 14, it shall not be deemed from the mere fact that a person is in possession of inside information…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 3"]
Definitions
Definitions (1) of Article 2 of Commission Regulation (EC) No 1287/2006 (19); (15) ‘spot commodity contract’ means a contract for the supply of a commodity…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 12"]
Market manipulation
Market manipulation based on emission allowances at an abnormal or artificial level, including the dissemination of rumours, where the person who made the…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 30"]
Administrative sanctions and other administrative measures
Administrative sanctions and other administrative measures 2. Member States shall, in accordance with national law, ensure that competent authorities have the…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 25"]
Obligation to cooperate
Obligation to cooperate (1), second subparagraph, to lay down criminal sanctions for infringements of the provisions of this Regulation referred to in that…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 34"]
Publication of decisions
Publication of decisions publication of the relevant data for a reasonable period of time where it is foreseeable that the reasons for anonymous publication…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 26"]
Cooperation with third countries
Cooperation with third countries 27. Such exchange of information must be intended for the performance of the tasks of those competent authorities.
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 19"]
Managers’ transactions
Managers’ transactions (1) of Directive 2004/109/EC or, in the absence thereof, to the competent authority of the trading venue. 3. The issuer or emission…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 8"]
Insider dealing
Insider dealing 3. The use of the recommendations or inducements referred to in paragraph 2 amounts to insider dealing within the meaning of this Article where…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 23"]
Powers of competent authorities
Powers of competent authorities 2. In order to fulfil their duties under this Regulation, competent authorities shall have, in accordance with national law, at…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 11"]
Market soundings
Market soundings (3), disclosure of inside information by a person intending to make a takeover bid for the securities of a company or a merger with a company…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 6"]
Exemption for monetary and public debt management activities and climate policy activities
Exemption for monetary and public debt management activities and climate policy activities 6. The Commission shall also be empowered to adopt delegated acts in…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 12"]
Market manipulation
Market manipulation 2. The following behaviour shall, inter alia, be considered as market manipulation: (a) the conduct by a person, or persons acting in…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 30"]
Administrative sanctions and other administrative measures
Administrative sanctions and other administrative measures 000 or in the Member States whose currency is not the euro, the corresponding value in the national…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 4"]
Notifications and list of financial instruments
Notifications and list of financial instruments 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 18"]
Insider lists
Insider lists 8. Paragraphs 1 to 5 of this Article shall also apply to: (a) emission allowance market participants in relation to inside information concerning…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 17"]
Public disclosure of inside information
Public disclosure of inside information 4. An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 7"]
Inside information
Inside information 4. For the purposes of paragraph 1, information which, if it were made public, would be likely to have a significant effect on the prices of…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 19"]
Managers’ transactions
Managers’ transactions 6. A notification of transactions referred to in paragraph 1 shall contain the following information: (a) the name of the person; (b)…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 13"]
Accepted market practices
Accepted market practices this Article. 3. Before establishing an accepted market practice in accordance with paragraph 2, the competent authority shall notify…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 9"]
Legitimate behaviour
Legitimate behaviour 3. For the purposes of Articles 8 and 14, it shall not be deemed from the mere fact that a person is in possession of inside information…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 25"]
Obligation to cooperate
Obligation to cooperate (27), and the national regulatory authorities of the Member States to ensure that a coordinated approach is taken to the enforcement of…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 3"]
Definitions
Definitions (24) ‘commodity derivatives’ means commodity derivatives as defined in point (30) of Article 2 (1) of Regulation (EU) No 600/2014 of the European…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 11"]
Market soundings
Market soundings 5. For the purposes of paragraph 4, the disclosing market participant shall, before making the disclosure: (a) obtain the consent of the…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 23"]
Powers of competent authorities
Powers of competent authorities request the freezing or sequestration of assets, or both; (j) to suspend trading of the financial instrument concerned; (k) to…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 9"]
Legitimate behaviour
Legitimate behaviour 5. For the purposes of Articles 8 and 14, the mere fact that a person uses its own knowledge that it has decided to acquire or dispose of…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 19"]
Managers’ transactions
Managers’ transactions (26), where: (i) the policyholder is a person discharging managerial responsibilities or a person closely associated with such a person…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 3"]
Definitions
Definitions (28) ‘person professionally arranging or executing transactions’ means a person professionally engaged in the reception and transmission of orders…
["CHAPTER 5", "ADMINISTRATIVE MEASURES AND SANCTIONS", "Article 30"]
Administrative sanctions and other administrative measures
Administrative sanctions and other administrative measures (1). For the purposes of points (j)(i) and (ii) of the first subparagraph, where the legal person is…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 13"]
Accepted market practices
Accepted market practices (3) of Regulation (EU) No 1095/2010. 7. In order to ensure consistent harmonisation of this Article, ESMA shall develop draft…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 25"]
Obligation to cooperate
Obligation to cooperate 5. Where a competent authority is convinced that acts contrary to the provisions of this Regulation are being, or have been, carried…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 23"]
Powers of competent authorities
Powers of competent authorities 4. A person making information available to the competent authority in accordance with this Regulation shall not be considered…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 12"]
Market manipulation
Market manipulation media by voicing an opinion about a financial instrument, related spot commodity contract or an auctioned product based on emission…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 11"]
Market soundings
Market soundings 6. Where information that has been disclosed in the course of a market sounding ceases to be inside information according to the assessment of…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 17"]
Public disclosure of inside information
Public disclosure of inside information 5. In order to preserve the stability of the financial system, an issuer that is a credit institution or a financial…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 12"]
Market manipulation
Market manipulation 5. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 specifying the indicators laid down in Annex I…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 25"]
Obligation to cooperate
Obligation to cooperate 6. The competent authority of one Member State may request assistance from the competent authority of another Member State with regard…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 19"]
Managers’ transactions
Managers’ transactions 10. This Article shall also apply to transactions by persons discharging managerial responsibilities within any auction platform…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 13"]
Accepted market practices
Accepted market practices 7. The accepted market practices referred to in the first subparagraph of this paragraph shall continue to apply in the Member State…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 3"]
Definitions
Definitions (34) ‘information recommending or suggesting an investment strategy’ means information: (i) produced by an independent analyst, an investment firm…
["CHAPTER 2", "INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION", "Article 11"]
Market soundings
Market soundings 10. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft implementing technical standards to specify…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 17"]
Public disclosure of inside information
Public disclosure of inside information (1). 7. Where disclosure of inside information has been delayed in accordance with paragraph 4 or 5 and the…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 19"]
Managers’ transactions
Managers’ transactions 12. Without prejudice to Articles 14 and 15, an issuer may allow a person discharging managerial responsibilities within it to trade on…
["CHAPTER 1", "GENERAL PROVISIONS", "Article 3"]
Definitions
Definitions 2. For the purposes of Article 5, the following definitions apply: (a) ‘securities’ means: (i) shares and other securities equivalent to shares…
["CHAPTER 4", "ESMA AND COMPETENT AUTHORITIES", "Article 25"]
Obligation to cooperate
Obligation to cooperate 8. Competent authorities shall cooperate and exchange information with relevant national and third-country regulatory authorities…
["CHAPTER 3", "DISCLOSURE REQUIREMENTS", "Article 17"]
Public disclosure of inside information
Public disclosure of inside information (1), they must make complete and effective public disclosure of that information, simultaneously in the case of an…

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