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 practice 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 EU Market Abuse Regulation and UK Market Abuse Regulation?
  • What is unlawful disclosure of inside information under the EU Market Abuse Regulation and UK Market Abuse Regulation?
  • Market soundings

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

This Practice Note provides a quick guide to the key elements of the unlawful disclosure of inside information and market soundings provisions of Regulation (EU) 596/2014 (OJ L 173/1) (the EU Market Abuse Regulation) and the onshored Market Abuse Regulation, Retained Regulation (EU) 596/2014 (UK Market Abuse Regulation), which applies in the UK. as of IP completion day (31 December 2020):

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

  2. when disclosure of inside information is unlawful under the EU Market Abuse Regulation and the UK 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 EU Market Abuse Regulation and UK Market Abuse Regulation, see Practice Note: Market Abuse Regulation (MAR)—essentials.

What is inside information under the EU Market Abuse Regulation and UK Market Abuse Regulation?

The following types of price sensitive information are inside information:

  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 likely to have a significant effect on the prices of those financial instruments or on the price of related derivative

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