Hardback
EU Market Abuse Regulation
A Commentary on Regulation (EU) No 596/2014
9781800882232 Edward Elgar Publishing
This comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.
More Information
Critical Acclaim
Contributors
Contents
More Information
This comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.
Key features include:
• in-depth contributions from leading scholars and practitioners in the field
• practical discussion of the interpretation and implementation of the Regulation, including pertinent national and European case law
• systematic article-by-article analysis of the Regulation, illuminating the purpose of each provision as well as providing relevant historical and legal context
Scholars of EU financial and banking law, particularly those with an interest in market abuse and financial crime and corruption, will find this Commentary a valuable resource. It will also be of great practical benefit for practitioners and in-house counsel working for or with banks, investment firms and other financial institutions.
Key features include:
• in-depth contributions from leading scholars and practitioners in the field
• practical discussion of the interpretation and implementation of the Regulation, including pertinent national and European case law
• systematic article-by-article analysis of the Regulation, illuminating the purpose of each provision as well as providing relevant historical and legal context
Scholars of EU financial and banking law, particularly those with an interest in market abuse and financial crime and corruption, will find this Commentary a valuable resource. It will also be of great practical benefit for practitioners and in-house counsel working for or with banks, investment firms and other financial institutions.
Critical Acclaim
‘This book provides an exhaustive analysis of the Market Abuse Regulation, which, despite Brexit, continues to be of core concern to practitioners in this area, for two reasons. First, the Regulation continues as part of domestic UK law as “retained EU law” and, second, its status in relation to EU financial markets remains undisturbed. This book, written by a distinguished group of scholars, lays out, article by article, a complete analysis of the Regulation and its now extensive accompanying pieces of secondary legislation and CJEU decisions. It brings together in a single volume a clear and incisive assessment of all the issues arising, and likely to arise, in the regulation of this notoriously challenging area of market behaviour.’
– Paul L. Davies QC, University of Oxford, UK
‘This is an invaluable guide to the Market Abuse Regulation. It is well structured and formatted allowing the reader to access the relevant information with ease. It provides useful information on the context and historical development of the various provisions and highlights the significant changes to the existing law. It identifies the objectives of each of the Articles providing links to relevant literature, caselaw, related legislation and guidance. The authors are experts in their fields and together they provide insights into the salient academic, public service, public policy, regulatory, jurisprudential, and practical dimensions of the Regulation. Although particular reference is made to the application of the market abuse regime in Austria, France, Germany and the UK, this text will provide a valuable resource to academics, regulators and practitioners in all Member States seeking to understand and implement the Market Abuse Regulation.’
– Blanaid Clarke, Trinity College Dublin, Ireland
‘If you have any question about the EU’s Market Abuse Regulation and its interpretation, look no further. This book provides a profound and authoritative analysis of each of its sections, as well as an excellent survey of private enforcement of capital markets law in Europe. It will be very useful to anyone working in European capital markets law.’
– Martin Gelter, Fordham University School of Law, US
– Paul L. Davies QC, University of Oxford, UK
‘This is an invaluable guide to the Market Abuse Regulation. It is well structured and formatted allowing the reader to access the relevant information with ease. It provides useful information on the context and historical development of the various provisions and highlights the significant changes to the existing law. It identifies the objectives of each of the Articles providing links to relevant literature, caselaw, related legislation and guidance. The authors are experts in their fields and together they provide insights into the salient academic, public service, public policy, regulatory, jurisprudential, and practical dimensions of the Regulation. Although particular reference is made to the application of the market abuse regime in Austria, France, Germany and the UK, this text will provide a valuable resource to academics, regulators and practitioners in all Member States seeking to understand and implement the Market Abuse Regulation.’
– Blanaid Clarke, Trinity College Dublin, Ireland
‘If you have any question about the EU’s Market Abuse Regulation and its interpretation, look no further. This book provides a profound and authoritative analysis of each of its sections, as well as an excellent survey of private enforcement of capital markets law in Europe. It will be very useful to anyone working in European capital markets law.’
– Martin Gelter, Fordham University School of Law, US
Contributors
Contributors: Elisabeth Drach, Elena Guggenberger, Clemens Hasenauer, Mario Höessl-Neumann, Peter Jedlicka, Susanne Kalss, Florian Kusznier, Martin Oppitz, Nina Palmstorfer, Charlotte Pechhacker, Ursula Rath, Michael Rohregger, Alfred Schramm, Chris Thomale, Ulrich Torggler, Martin Winner
Contents
Contents:
1 Subject matter 1
Elena Guggenberger
2 Scope 4
Elena Guggenberger
3 Definitions 10
Elena Guggenberger
4 Notifications and list of financial instruments 29
Elena Guggenberger
5 Exemption for buy-back programmes and stabilisation 33
Susanne Kalss
6 Exemption for monetary and public debt management activities and climate policy activities 52
Susanne Kalss
7 Inside information 56
Mario Hössl-Neumann and Ulrich Torggler
8 Insider dealing 82
Martin Winner
9 Legitimate behaviour 116
Martin Winner
10 Unlawful disclosure of inside information 139
Mario Hössl-Neumann and Ulrich Torggler
11 Market soundings 154
Mario Hössl-Neumann and Ulrich Torggler
12 Market manipulation 169
Susanne Kalss
13 Accepted market practices 182
Susanne Kalss
14 Prohibition of insider dealing and of unlawful disclosure of inside information 190
Martin Winner
15 Prohibition of market manipulation 195
Martin Oppitz
16 Prevention and detection of market abuse 199
Florian Kusznier
17 Public disclosure of inside information 203
Susanne Kalss and Clemens Hasenauer
18 Insider lists 243
Ursula Rath
19 Managers’ transactions 261
Susanne Kalss and Clemens Hasenauer
20 Investment recommendations and statistics 297
Martin Oppitz
21 Disclosure or dissemination of information in the media 303
Martin Oppitz
22 Competent authorities 309
Peter Jedlicka
23 Powers of competent authorities 317
Peter Jedlicka
24 Cooperation with ESMA 327
Alfred Schramm
25 Obligation to cooperate 331
Alfred Schramm
26 Cooperation with third countries 341
Alfred Schramm
27 Professional secrecy 348
Alfred Schramm
28 Data protection 352
Alfred Schramm
29 Disclosure of personal data to third countries 353
Alfred Schramm
30 Administrative sanctions and other administrative measures 354
Michael Rohregger and Nina Palmstorfer
30A Appendix to Art 30 MAR – Private enforcement 360
Chris Thomale
31 Exercise of supervisory powers and imposition of sanctions 414
Michael Rohregger and Charlotte Pechhacker
32 Reporting of infringements 418
Michael Rohregger and Charlotte Pechhacker
33 Exchange of information with ESMA 424
Michael Rohregger and Charlotte Pechhacker
34 Publication of decisions 428
Michael Rohregger and Nina Palmstorfer
35 Exercise of the delegation 432
Elisabeth Drach
36 Committee procedure 435
Elisabeth Drach
37 Repeal of Directive 2003/6/EC and its implementing measures 437
Elisabeth Drach
38 Report 439
Elisabeth Drach
39 Entry into force and application 441
Elisabeth Drach
Annex I 443
Annex II 445
Index 450
1 Subject matter 1
Elena Guggenberger
2 Scope 4
Elena Guggenberger
3 Definitions 10
Elena Guggenberger
4 Notifications and list of financial instruments 29
Elena Guggenberger
5 Exemption for buy-back programmes and stabilisation 33
Susanne Kalss
6 Exemption for monetary and public debt management activities and climate policy activities 52
Susanne Kalss
7 Inside information 56
Mario Hössl-Neumann and Ulrich Torggler
8 Insider dealing 82
Martin Winner
9 Legitimate behaviour 116
Martin Winner
10 Unlawful disclosure of inside information 139
Mario Hössl-Neumann and Ulrich Torggler
11 Market soundings 154
Mario Hössl-Neumann and Ulrich Torggler
12 Market manipulation 169
Susanne Kalss
13 Accepted market practices 182
Susanne Kalss
14 Prohibition of insider dealing and of unlawful disclosure of inside information 190
Martin Winner
15 Prohibition of market manipulation 195
Martin Oppitz
16 Prevention and detection of market abuse 199
Florian Kusznier
17 Public disclosure of inside information 203
Susanne Kalss and Clemens Hasenauer
18 Insider lists 243
Ursula Rath
19 Managers’ transactions 261
Susanne Kalss and Clemens Hasenauer
20 Investment recommendations and statistics 297
Martin Oppitz
21 Disclosure or dissemination of information in the media 303
Martin Oppitz
22 Competent authorities 309
Peter Jedlicka
23 Powers of competent authorities 317
Peter Jedlicka
24 Cooperation with ESMA 327
Alfred Schramm
25 Obligation to cooperate 331
Alfred Schramm
26 Cooperation with third countries 341
Alfred Schramm
27 Professional secrecy 348
Alfred Schramm
28 Data protection 352
Alfred Schramm
29 Disclosure of personal data to third countries 353
Alfred Schramm
30 Administrative sanctions and other administrative measures 354
Michael Rohregger and Nina Palmstorfer
30A Appendix to Art 30 MAR – Private enforcement 360
Chris Thomale
31 Exercise of supervisory powers and imposition of sanctions 414
Michael Rohregger and Charlotte Pechhacker
32 Reporting of infringements 418
Michael Rohregger and Charlotte Pechhacker
33 Exchange of information with ESMA 424
Michael Rohregger and Charlotte Pechhacker
34 Publication of decisions 428
Michael Rohregger and Nina Palmstorfer
35 Exercise of the delegation 432
Elisabeth Drach
36 Committee procedure 435
Elisabeth Drach
37 Repeal of Directive 2003/6/EC and its implementing measures 437
Elisabeth Drach
38 Report 439
Elisabeth Drach
39 Entry into force and application 441
Elisabeth Drach
Annex I 443
Annex II 445
Index 450
