Market Abuse Regulation—insider dealing
Market Abuse Regulation—insider dealing

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Market Abuse Regulation—insider dealing
  • Market Abuse Regulation
  • Market Abuse Regulation and Brexit
  • Market Abuse Regulation—the definition of 'inside information'
  • Market Abuse Regulation—offence of insider dealing
  • Market Abuse Regulation—what is insider dealing?
  • Public takeover or merger
  • Examples of insider dealing
  • Market Abuse Regulation exemptions for stabilisation and buy-back programmes
  • Prevention and detection of market abuse
  • more

This Practice Note provides an overview of the offence of insider dealing as prescribed by the Market Abuse Regulation (EU) 596/2014 (Market Abuse Regulation).

Brexit impact

The operation of the UK market abuse regime may be affected by Brexit. For further details see section below headed Market Abuse Regulation—insider dealing — Market Abuse Regulation and Brexit and Practice Note: Brexit—UK listing and prospectus regime.

Market Abuse Regulation

Regulatory framework

The Market Abuse Regulation (EU) 596/2014 repealed and replaced the Market Abuse Directive 2003/6/EC (MAD) and its implementing legislation on 3 July 2016. The Market Abuse Regulation is a ‘framework’ level 1 regulation which has been supplemented by various technical implementing measures which together constitute the Market Abuse Regulation framework.

The offence of insider dealing under Article 14 of the Market Abuse Regulation, exists alongside the criminal offences of insider dealing under section 52 of the Criminal Justice Act 1993 (CJA 1993) as well as the criminal offences of making misleading statements, misleading impressions and misleading statements in relation to benchmarks under sections 89–91 of the Financial Services Act 2012 (FSA 2012).

Outside of the UK, the Market Abuse Regulation is complemented by the Directive on Criminal Sanctions for Market Abuse Directive 2014/57/EU (CSMAD). CSMAD and the Market Abuse Regulation introduce an updated and strengthened EU market abuse regime, incorporating a wider range