MAR - Market Abuse Regulation

The Market Abuse Regulation (Regulation (EU) No 596/214) entered into force on 3 July 2016 and replaced the rules on market abuse in the Danish Securities Trading, etc. Act in force at the time. This feature page contains the most important documents from the EU and the Danish authorities relating to the Market Abuse Regulation.

As the Market Abuse Regulation is directly applicable in all EU Member States, the entering into force of the Regulation ensures uniform conditions in the EU in this respect. The European Securities and Markets Authority (ESMA) plays a decisive role in the area of market abuse as its interpretation and statements form the basis of the application of the Market Abuse Regulation.

The existing rules in a number of areas were changed as a result of the introduction of new regulation and concepts. The changes impact the regulation on publication of inside information, insider lists, reporting of managers' transactions, insider dealing, market manipulation, disclosure of inside information, disclosure and dissemination of investment analyses, stabilisation and share buy-back programmes, powers of the authorities and whistleblower arrangements.

EU-regulation

Market Abuse Regulation (MAR)
The European Parliament and of the Council of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
MAR

Regulation (EU) 2016/1011 of The European Parliament and of The Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of  investment funds and  amending Directives 2008/48/EC and  2014/17/EU and Regulation (EU) No 596/2014.
(Article 56 causes changes to MAR article 19)

Regulation (EU) 2016/1033 of The European Parliament and of The Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories.

Market Abuse Directive (MAD II)
Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (have no effect in Denmark due to the Danish opt-out on EU justice and home affairs).
MAD II

Commission Implementing Directive (Whistleblower)
Commission implementing directive (EU) 2015/2392 of 17 December 2015 on Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards reporting to competent authorities of actual or potential infringements of that Regulation.
Implementing Directive

Implementing Regulations

Insider lists
Implementing Regulation (EU) 2016/347 of 10 March 2016 regarding the precise format of insider lists and for updating insider lists.

Scheme for managers' 
Implementing Regulation (EU) 2016/523 of 10 March 2016 regarding notification and public disclosure of managers’ transactions.

The market operator's duties
Implementing Regulation (EU) 2016/378 of 11 March 2016 regarding timing, format and template of the submission of notifications to competent authorities.

Format and standards for market soundings
Implementing Regulation (EU) 2016/959 of 17 May 2016 regarding systems and notification templates to be used by disclosing market participants and the format of records.

Inside information - publication and delay
Implementing Regulation (EU) 2016/1055 of 29 June 2016 regarding the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information.

Form for exchanging information with ESMA
Implementing Regulation (EU) 2017/1158 of 29 June 2017 regarding the procedures and forms for competent authorities exchanging information with ESMA.

Delegated Regulations

Permission for trading during closed periods and types of notifiable mangers’ transactions etc.
Delegated Regulation (EU) 2016/522 of 17 December 2015 regarding an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable mangers’ transactions.

Accepted market practice
Delegated Regulation (EU) 2016/908 (EU) 2016/908 of 26 February 2016 regarding regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance.

The market operator's notifications
Delegated Regulation (EU) 2016/909 of 1 March 2016 regarding regulatory technical standards for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of notifications.

Buy-back programmes and stabilisation
Delegated Regulation (EU) 2016/1052 of 8 March 2016 regarding regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures.

The market operator's notification and procedures for market abuse
Delegated Regulation (EU) 2016/957 of 9 March 2016 regarding regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions.

Investment recommendations
Delegated Regulation (EU) 2016/958 of 9 March 2016 regarding regulatory technical standards for the technical arrangements for objective presentation of investment recommendations.

Procedures and registrations duties for market soundings
Delegated Regulation (EU) 2016/960 of 17 May 2016 regarding regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings.

Official MAR Guidelines by ESMA
Delay in the disclosure of inside information (ESMA/2016/1478)
Persons receiving market soundings (ESMA/2016/1477)


ESMA documents
ESMA's technical advice on possible delegated acts concerning the Market Abuse Regulation (3 February 2015)

ESMA's Final Report - Guidelines on the Market Abuse Regulation - market soundings and delay of disclosure of inside information (13 July 2016)

ESMA's Final Report - Technical standards on the Market Abuse Regulation (Draft) 28 September 2015

ESMA's Consultation Paper - Guidelines on information expected or required to be disclosed on commodity derivatives markets or related spot markets under MAR

ESMA's Final Report - Draft Implementing Technical Standards on sanctions and measures under MAR (26 July 2016)

ESMA's Final Report - MAR Guidelines on commodity derivatives (30 September 2016)

ESMA Q&A on the Market Abuse Regulation (12 November 2018)

Feature pages on market abuse
ESMA's market abuse tab
Commission's tab on market abuse

Danish regulation

The Danish Capital Markets Act (in Danish)

Draft on Capital Markets Act (in Danish)

News from the Danish FSA

Decisions from the Danish FSA

The Danish FSA's public censures, reportings to the police or similar for violations of MAR can be found on the links below.

See updated list with public censures (in Danish)
See updated list with reportings to the police (in Danish)

Nasdaq regulation

Nasdaq Rules for issuers of shares and bonds of 3 January 2018

Rules for issuers of shares
Rules for issuers of bonds

Latest news on MAR