Market Abuse Regulation—unlawful disclosure of inside information and market soundings—quick guide
Market Abuse Regulation—unlawful disclosure of inside information and market soundings—quick guide

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

  • Market Abuse Regulation—unlawful disclosure of inside information and market soundings—quick guide
  • What is inside information under the Market Abuse Regulation?
  • What is unlawful disclosure of inside information under the Market Abuse Regulation?
  • Market soundings

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.

This Practice Note provides a quick guide to the key elements the unlawful disclosure of inside information provisions of Regulation (EU) 596/2014 (the Market Abuse Regulation):

  1. the types of information that are inside information under the Market Abuse Regulation

  2. when disclosure of inside information is unlawful under the Market Abuse Regulation, and

  3. when it is permitted to disclose inside information in the course of a market sounding

For detailed information on the Market Abuse Regulation, see Practice Note: Market Abuse Regulation (MAR)—essentials.

What is inside information under the Market Abuse Regulation?

The following types of price sensitive information are inside information under the Market Abuse Regulation (Regulation (EU) 596/2014):

  1. information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be