Market Abuse Regulation (MAR)—level 2 and level 3 measures
Market Abuse Regulation (MAR)—level 2 and level 3 measures

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

  • Market Abuse Regulation (MAR)—level 2 and level 3 measures
  • Market Abuse Regulation level 2 and 3 measures

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 level 2 and 3 measures

The purpose of this Practice Note is to provide an overview of the technical standards, technical advice and guidelines adopted in relation to the Market Abuse Regulation.

Whilst the Market Abuse Regulation provides relatively detailed provisions in some areas (for example setting out a number of activities which will comprise market manipulation under Article 12 (1)), a number of key areas were left to be considered at levels 2 and 3 of the Lamfalussy process. Depending on the mandate contained in the Market Abuse Regulation, ESMA either developed regulatory technical standards (RTS) endorsed by the Commission by means of delegated acts under Article 290 of the Treaty on the Functioning of the European Union (TFEU) or implementing technical standards (ITS) which are adopted by the Commission by means of implementing acts under Article 291 of