# Regulation (EU) No 596/2014 (MAR) — market abuse URL: https://consilena.com/coverage/laws/ksrc_b2zbhgbw8pdzphkk - Jurisdiction: European Union - Type: Regulation - Identifier: 32014R0596 - Current as of: 16 April 2014 - Provisions: 39 - Official text: https://eur-lex.europa.eu/eli/reg/2014/596/oj > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **Unlawful disclosure of inside information**: 1. For the purposes of this Regulation, unlawful disclosure of inside information arises where a person possesses… - **Exemption for monetary and public debt management activities and climate policy activities**: 1. This Regulation does not apply to transactions, orders or… - **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… - **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… - **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)… - **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… - **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… - **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… - **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… - **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… - **Administrative sanctions and other administrative measures**: 1. Without prejudice to any criminal sanctions and without prejudice to the supervisory powers of… - **Insider dealing**: 1. For the purposes of this Regulation, insider dealing arises where a person possesses inside information and uses that information by… - **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… - **Managers’ transactions**: 1. Persons discharging managerial responsibilities, as well as persons closely associated with them, shall notify the issuer or the… - **Investment recommendations and statistics**: 1. Persons who produce or disseminate investment recommendations or other information recommending or suggesting an… - **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… - **Prohibition of market manipulation**: A person shall not engage in or attempt to engage in market manipulation. - **Reporting of infringements**: 1. Member States shall ensure that competent authorities establish effective mechanisms to enable reporting of actual or potential… - **Subject matter**: This Regulation establishes a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market… - **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… - **Competent authorities**: Without prejudice to the competences of the judicial authorities, each Member State shall designate a single administrative competent… - **Definitions**: 1. For the purposes of this Regulation, the following definitions apply: (1) ‘financial instrument’ means a financial instrument as defined in… - **Inside information**: 1. For the purposes of this Regulation, inside information shall comprise the following types of information: (a) information of a precise… - **Notifications and list of financial instruments**: 1. Market operators of regulated markets and investment firms and market operators operating an MTF or an OTF… - **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… - **Exchange of information with ESMA**: 1. Competent authorities shall provide ESMA annually with aggregated information regarding all administrative sanctions and… - **Prevention and detection of market abuse**: 1. Market operators and investment firms that operate a trading venue shall establish and maintain effective… - **Cooperation with third countries**: 1. The competent authorities of Member States shall, where necessary, conclude cooperation arrangements with supervisory… - **Data protection**: With regard to the processing of personal data within the framework of this Regulation, competent authorities shall carry out their tasks for… - **Market manipulation**: 1. For the purposes of this Regulation, market manipulation shall comprise the following activities: (a) entering into a transaction… - **Professional secrecy**: 1. Any confidential information received, exchanged or transmitted pursuant to this Regulation shall be subject to the conditions of… - **Publication of decisions**: 1. Subject to the third subparagraph, competent authorities shall publish any decision imposing an administrative sanction or other… - **Cooperation with ESMA**: 1. The competent authorities shall cooperate with ESMA for the purposes of this Regulation, in accordance with Regulation (EU) No… - **Exercise of supervisory powers and imposition of sanctions**: 1. Member States shall ensure that when determining the type and level of administrative sanctions… - **Committee procedure**: 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (31). That… - **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… - **Powers of competent authorities**: 1. Competent authorities shall exercise their functions and powers in any of the following ways: (a) directly; (b) in… - **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… - **Obligation to cooperate**: 1. Competent authorities shall cooperate with each other and with ESMA where necessary for the purposes of this Regulation, unless one… - **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… - **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… - **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… - **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… - **Notifications and list of financial instruments**: 2. Competent authorities of the trading venue shall transmit notifications that they receive pursuant to… - **Accepted market practices**: 2. A competent authority may establish an accepted market practice, taking into account the following criteria: (a) whether the… - **Reporting of infringements**: 5. The Commission shall adopt implementing acts to specify the procedures referred to in paragraph 1, including the arrangements for… - **Prevention and detection of market abuse**: 5. In order to ensure consistent harmonisation of this Article, ESMA shall develop draft regulatory technical… - **Exemption for monetary and public debt management activities and climate policy activities**: 4. This Regulation does not apply to the activities of a Member… - **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… - **Public disclosure of inside information**: 2. An emission allowance market participant shall publicly, effectively and in a timely manner disclose inside… - **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… - **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… - **Market manipulation**: based on emission allowances at an abnormal or artificial level, including the dissemination of rumours, where the person who made the… - **Administrative sanctions and other administrative measures**: 2. Member States shall, in accordance with national law, ensure that competent authorities have the… - **Obligation to cooperate**: (1), second subparagraph, to lay down criminal sanctions for infringements of the provisions of this Regulation referred to in that… - **Publication of decisions**: publication of the relevant data for a reasonable period of time where it is foreseeable that the reasons for anonymous publication… - **Cooperation with third countries**: 27. Such exchange of information must be intended for the performance of the tasks of those competent authorities. - **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… - **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… - **Powers of competent authorities**: 2. In order to fulfil their duties under this Regulation, competent authorities shall have, in accordance with national law, at… - **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… - **Exemption for monetary and public debt management activities and climate policy activities**: 6. The Commission shall also be empowered to adopt delegated acts in… - **Market manipulation**: 2. The following behaviour shall, inter alia, be considered as market manipulation: (a) the conduct by a person, or persons acting in… - **Administrative sanctions and other administrative measures**: 000 or in the Member States whose currency is not the euro, the corresponding value in the national… - **Notifications and list of financial instruments**: 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first… - **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… - **Public disclosure of inside information**: 4. An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the… - **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… - **Managers’ transactions**: 6. A notification of transactions referred to in paragraph 1 shall contain the following information: (a) the name of the person; (b)… - **Accepted market practices**: this Article. 3. Before establishing an accepted market practice in accordance with paragraph 2, the competent authority shall notify… - **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… - **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… - **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… - **Market soundings**: 5. For the purposes of paragraph 4, the disclosing market participant shall, before making the disclosure: (a) obtain the consent of the… - **Powers of competent authorities**: request the freezing or sequestration of assets, or both; (j) to suspend trading of the financial instrument concerned; (k) to… - **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… - **Managers’ transactions**: (26), where: (i) the policyholder is a person discharging managerial responsibilities or a person closely associated with such a person… - **Definitions**: (28) ‘person professionally arranging or executing transactions’ means a person professionally engaged in the reception and transmission of orders… - **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… - **Accepted market practices**: (3) of Regulation (EU) No 1095/2010. 7. In order to ensure consistent harmonisation of this Article, ESMA shall develop draft… - **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… - **Powers of competent authorities**: 4. A person making information available to the competent authority in accordance with this Regulation shall not be considered… - **Market manipulation**: media by voicing an opinion about a financial instrument, related spot commodity contract or an auctioned product based on emission… - **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… - **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… - **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… - **Obligation to cooperate**: 6. The competent authority of one Member State may request assistance from the competent authority of another Member State with regard… - **Managers’ transactions**: 10. This Article shall also apply to transactions by persons discharging managerial responsibilities within any auction platform… - **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… - **Definitions**: (34) ‘information recommending or suggesting an investment strategy’ means information: (i) produced by an independent analyst, an investment firm… - **Market soundings**: 10. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft implementing technical standards to specify… - **Public disclosure of inside information**: (1). 7. Where disclosure of inside information has been delayed in accordance with paragraph 4 or 5 and the… - **Managers’ transactions**: 12. Without prejudice to Articles 14 and 15, an issuer may allow a person discharging managerial responsibilities within it to trade on… - **Definitions**: 2. For the purposes of Article 5, the following definitions apply: (a) ‘securities’ means: (i) shares and other securities equivalent to shares… - **Obligation to cooperate**: 8. Competent authorities shall cooperate and exchange information with relevant national and third-country regulatory authorities… - **Public disclosure of inside information**: (1), they must make complete and effective public disclosure of that information, simultaneously in the case of an… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_b2zbhgbw8pdzphkk. Index of every page: https://consilena.com/llms.txt.