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
  • EU Market Abuse Regulation—background and purpose
  • Brexit—onshoring of EU Market Abuse Regulation
  • 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
  • More...

Market Abuse Regulation (MAR)—essentials

In each section of this Practice Note, links are given to the relevant provisions of EU and/or UK legislation, as applicable, and significant divergence between relevant EU and UK legislation is indicated.

EU Market Abuse Regulation—background and purpose

The Market Abuse Regulation (EU) 596/2014 (OJ L 173/1) (the EU Market Abuse Regulation) repealed and replaced the existing Market Abuse Directive (Directive 2003/6/EC) (OJ L 96/16) (EU MAD) and its implementing legislation on 3 July 2016. The EU 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 was complemented by the Directive on Criminal Sanctions for Market Abuse Directive 2014/57/EU (OJ L 173/179) (EU CSMAD). The UK used its powers to opt out of EU 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 EU CSMAD, see Practice Note: Directive 2014/57/EU on criminal sanctions for market abuse.

The majority of the EU Market Abuse Regulation's provisions came into effect on 3 July 2016. Provisions that relied on the implementation of the EU MiFID II legislative package (Markets in Financial Instruments Directive 2014/65/EU (OJ L 173/349) (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (OJ

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