Market Abuse Regulation (MAR)—essentials
Market Abuse Regulation (MAR)—essentials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Market Abuse Regulation (MAR)—essentials
  • Market Abuse Regulation—background and purpose
  • The definition of market abuse
  • Instruments within the scope of the Market Abuse Regulation
  • Traded financial instruments
  • Emission allowances and related auctioned products
  • Commodity derivatives and related spot commodity contracts
  • Benchmarks
  • Off-trading venue activities
  • Territorial scope
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Market Abuse Regulation—background and purpose

This Practice Note explains the key features of Regulation (EU) 596/2014 (the Market Abuse Regulation), which repealed and replaced the existing Market Abuse Directive (Directive 2003/6/EC) (MAD) and its implementing legislation on 3 July 2016. The Market Abuse Regulation introduced an updated and strengthened EU market abuse regime, incorporating a wider range of, and tougher, sanctions.

Outside of the UK, the Market Abuse Regulation is complemented by the Directive on Criminal Sanctions for Market Abuse (Directive 2014/57/EU) (CSMAD). The UK used its powers to opt out of CSMAD as it already has an established criminal regime under the Criminal Justice Act 1993 and the Financial Services Act 2012 for market abuse. For an overview of CSMAD, see Practice Note: Directive 2014/57/EU on criminal sanctions for market abuse.

The majority of the Market Abuse Regulation's provisions came into effect on 3 July 2016. Provisions that relied on the implementation of the

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