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

The following Financial Services guidance 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
  • Notifications and ESMA list of financial instruments
  • Exemptions for stabilisation and buy-back programmes
  • Exemption for monetary and public debt management activities and climate policy activities
  • Definition of inside information
  • Insider dealing
  • Legitimate behaviour
  • more

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Brexit—UK listing and prospectus regime—Key areas of the UK listing and prospectus regime which will be affected by Brexit.

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This Practice Note explains the key features of Regulation (EU) 596/2014 (the Market Abuse Regulation), which repealed and replaced the existing Market Abuse Directive (Directive 2003/6/EC) (MAD) and its implementing legislation on 3 July 2016.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.