32014R0596

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) 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

Gerð á tungumálum ESB: OJ L 173, 12.6.2014, p. 1

Ákvörðun sameiginlegu nefndarinnar á ensku: OJ L 11, 12.1.2023, p. 23

Ákvörðun sameiginlegu nefndarinnar á tungumálum ESB

Reglugerð Evrópuþingsins og ráðsins (ESB) nr. 596/2014 frá 16. apríl 2014 um markaðssvik (reglugerð um markaðssvik) og um niðurfellingu á tilskipun Evrópuþingsins og ráðsins 2003/6/EB og tilskipunum framkvæmdastjórnarinnar 2003/124/EB, 2003/125/EB og 2004/72/EB

Gerð á íslensku: EEA Suppl. No 73, 12.11.2020, p. 68-128

Ákvörðun sameiginlegu nefndarinnar á íslensku: EEA Supplement No 5, 12.1.2023, p. 19

Samlestur enskrar og íslenskra útgáfu (opnast í skiptum glugga)

Tillaga sem gæti verið EES-tæk
Gerð í skoðun hjá EES-EFTA ríkjunum
Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
Tekin upp í EES-samninginn og í gildi
Tekin upp í EES-samninginn en ekki lengur í gildi

Staða og svið tillögu/gerðar

Staða tillögu/gerðar	ESB gerð sem hefur verið tekin upp í EES-samninginn og er í gildi
Svið (EES-samningur, viðauki)	09 Fjármálaþjónusta, 09.03 Kauphöll og verðbréf
Ákvörðun sameiginlegu nefndarinnar (JCD)	259/2019
Þennan dag skulu skilyrði uppfyllt á EES-svæðinu	01.01.2021
Staðfestur gildistökudagur	01.01.2021
Í gildi á EES-svæðinu	Já

Almennar upplýsingar

Útdráttur

Markaðssvik skaða heildarvirkni og heilbrigði fjármálamarkaða og tiltrú almennings á verðbréfamörkuðum. Markmið MAR reglugerðarinnar er að styrkja eldri reglur sem giltu um markaðssvik og meðferð innherjaupplýsinga, koma á samræmdara regluverki til að komast hjá mögulegri eftirlitshögnun (e. regulatory arbitrage) sem leitt getur af mismunandi löggjafar um efnið á milli landa.

Staða innan stjórnsýslunnar

Stofnun hefur lokið yfirferð	Nei
Þörf á aðlögun í ákvörðun sameiginlegu nefndarinnar	Tæknilegri aðlögun, Efnislegri aðlögun
Fagráðuneyti hefur lokið vinnu við upplýsingablað og samþykkir drög að ákvörðun sameiginlegu nefndarinnar	Já
Alþingi hefur lokið mati sínu	Já
Utanríkisráðuneyti hefur veitt samþykki fyrir því að drög að ákvörðun sameiginlegu nefndarinnar séu send til ESB	Já
Sent til Alþingis	20.03.2018
Utanríkisráðuneyti hefur veitt samþykki fyrir því að drög að ákvörðun sameiginlegu nefndarinnar séu send til ESB	30.04.2018

Innleiðing

Innleiðing	Lagasetning/lagabreyting
Tilgreinið hvaða lög eða reglugerð þarf að setja eða breyta	Lögum nr. 108/2007 um verðbréfaviðskipti.
Staða innleiðingarvinnu	Innleiðing í vinnslu

Samráð

Samráð	Nei

Áhrif

Áætlaður kostnaður hins opinbera	Ekki vitað

Ábyrgðaraðilar

Ábyrgt ráðuneyti	Fjármála- og efnahagsráðuneytið

Samþykktar gerðir birtar í Stjórnartíðindum ESB

CELEX-númer	32014R0596
Þennan dag skulu skilyrði uppfyllt í ESB	16.04.2014
Samþykkt tilvísun í Stjórnartíðindi ESB	OJ L 173, 12.6.2014, p. 1
Þennan dag skulu skilyrði uppfyllt í ESB	03.07.2016

Vinnslustig (pipeline stage)

COM numer	COM(2011) 651
Dagsetning tillögu ESB	20.10.2011
Dagsetning tillögu	20.10.2011
Samþykktardagur i ESB	03.07.2016

Drög að ákvörðun sameiginlegu nefndarinnar

Stjórnskipulegum fyrirvara aflétt (Liechtenstein)	23.04.2020
Stjórnskipulegum fyrirvara aflétt (Ísland)	11.11.2020

Ákvörðun sameiginlegu nefndarinnar

Sendingardagur EFTA á drögum að ákvörðun sameiginlegu nefndarinnar til framkvæmdastjórnarinnar	23.10.2018
Staðfestur gildistökudagur	01.01.2021
Tilvísun í EES-viðbæti	EEA Supplement No 5, 12.1.2023, p. 19
Tilvísun í stjórnartíðindi ESB	OJ L 11, 12.1.2023, p. 23

Tillögur að breytingum (Proposed amendments)

COM(2022) 762 52022PC0762	Regulation (EU) 2024/2809 of the European Parliament and of the Council of 23 October 2024 amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises	Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
COM(2021) 725 52021PC0725	Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023 amending certain Regulations as regards the establishment and functioning of the European single access point	Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
COM(2018) 331 52018PC0331	Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets - re MAR and Prospectus	Tekin upp í EES-samninginn og í gildi
COM(2016) 057 52016PC0057	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 - amend. MiFIR, MAR and CSDR	Tekin upp í EES-samninginn og í gildi

Breytt af (Modified by)

COM(2016) 057 52016PC0057	proposes to amend	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 - amend. MiFIR, MAR and CSDR	Tekin upp í EES-samninginn og í gildi
COM(2015) 647 52015DC0647	based on
32024R2809	amends	Regulation (EU) 2024/2809 of the European Parliament and of the Council of 23 October 2024 amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises	Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
32023R2869	amends	Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023 amending certain Regulations as regards the establishment and functioning of the European single access point	Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
32019R2115	amends	Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets - re MAR and Prospectus	Tekin upp í EES-samninginn og í gildi

Breytir (Modifies)

COM(2012) 421 52012PC0421	adopts
32010L0078	amends, does deletion of	Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) - Omnibus I	Tekin upp í EES-samninginn og í gildi
32004L0072	repeals	Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transations and the notification of suspicious transactions	Tekin upp í EES-samninginn en ekki lengur í gildi
32003R2273	repeals	Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EV of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments	Tekin upp í EES-samninginn en ekki lengur í gildi
32003L0125	repeals	Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair representation of investment recommendations and the disclosure of conflict of interest	Tekin upp í EES-samninginn en ekki lengur í gildi

Samantekt EUR-Lex

WHAT IS THE AIM OF THE REGULATION?

The market abuse regulation (MAR) aims to ensure that European Union (EU) legislation keeps pace with market developments to combat market abuse on financial markets, including derivative markets relating to commodities (such as gold or wheat).
The regulation explicitly bans the manipulation of commodities and of benchmarks, such as the euro interbank offered rate (Euribor).
It strengthens the investigative and sanctioning powers of the regulators appointed by EU Member States to ensure the proper functioning of their financial markets.
It provides a single EU rule book while reducing the administrative burden on small and medium-sized issuers where possible.

KEY POINTS

Banning abuse in financial markets

Market abuse inhibits the full transparency required for trading in modern integrated financial markets. The rules outlaw three types of abuse:

market manipulation¹
insider dealing²
the unlawful disclosure of inside information³.

The MAR rules apply to a person or a company committing market abuse while trading financial instruments, whether through trading platforms or negotiated privately in over-the-counter transactions, as long as it can influence:

financial instruments traded on a trading venue; or
financial instruments the price or value of which depends or has an effect on the price or value of a financial instrument traded on a trading venue.

Administrative sanctions

The MAR requires Member States to ensure that competent authorities have the power to impose specified administrative sanctions or to take administrative measures in the event of infringements of the MAR rules.

Strengthened investigatory powers of regulators

The MAR rules reinforce the supervisory and investigatory powers of the regulators appointed by each Member State to ensure the proper functioning of their financial markets. For instance, their powers include being able to carry out on-site inspections and investigations and to request the freezing or sequestration of assets.

Transactions conducted on own account

In 2016, the rules were clarified regarding the need for managers, and persons closely associated with them, to notify the issuer and the competent authority of transactions conducted on their own account relating to financial instruments that are themselves linked to shares and debt instruments of their issuer.

Minimum threshold of transactions

The regulation provides that every transaction in financial instruments above a minimum threshold must be notified to the issuer and the competent authority, but an exception is made where either the linked financial instrument provides an exposure of 20 % or less to the issuer’s shares or debt instruments, or the person discharging managerial responsibilities or person closely associated with them does not and could not know the investment composition of the linked financial instrument.

Small and medium-sized enterprise (SME) growth market

The MAR rules have been adapted to a new type of trading venue, the small and medium-sized enterprise (SME) growth market – a subcategory of multilateral trading facilities introduced under Directive 2014/65/EU on markets in financial instruments (see summary).
These rules make the obligations imposed on issuers in SME growth markets more proportionate, while preserving market integrity and investor protection, and promotes liquidity by allowing any issuer present on an EU SME growth market to enter into a liquidity contract.

European single access point (ESAP)

Amending Regulation (EU) 2023/2869 incorporates within Regulation (EU) No 596/2014 a new article concerning the accessibility of information on the European single access point (ESAP), established under Regulation (EU) 2023/2859 – see summary. The ESAP will provide access to public financial and sustainability-related information about EU companies and EU investment products. From 10 January 2028, when making public inside information that directly concerns an issuer or emission allowances, along with information contained in a notification about certain transactions conducted on their own account, as required under Regulation (EU) No 596/2014, the amending act requires the issuer or the emission allowance market participant to submit that information at the same time to the relevant collection body for the purpose of making it accessible on the ESAP. The amending regulation also sets out the conditions (in the context of the digitalisation of the information) with which that information must comply.

Implementing and delegated acts

Since the adoption of the MAR, the European Commission has adopted a series of acts that supplement or further clarify certain aspects of the regulation. These include:

Implementing Directive (EU) 2015/2392 on reporting to competent authorities of actual or potential infringements of the regulation;
Implementing Regulation (EU) 2016/378 on technical standards for the timing, format and template of the submission of notifications to competent authorities;
Delegated Regulation (EU) 2016/522 as regards an exemption for certain non-EU 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 managers’ transactions, as amended by Regulation (EU) 2019/461 exempting the Bank of England and the United Kingdom Debt Management Office from the scope of Regulation (EU) No 596/2014;
Implementing Regulation (EU) 2016/523 on technical standards for the format and template for notification and public disclosure of managers’ transactions;
Delegated Regulation (EU) 2016/908 on 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;
Delegated Regulation (EU) 2016/909 on regulatory technical standards for the content of notifications to be submitted to competent authorities and compiling, publishing and maintaining the list of notifications;
Delegated Regulation (EU) 2016/957 on regulatory technical standards for the appropriate arrangements, systems and procedures, along with notification templates, to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions;
Delegated Regulation (EU) 2016/958 on regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest;
Implementing Regulation (EU) 2016/959 on technical standards for market soundings⁴ regarding the systems and notification templates to be used by disclosing market participants and the format of the records;
Delegated Regulation (EU) 2016/960 on regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings;
Delegated Regulation (EU) 2016/1052 on regulatory technical standards for the conditions applicable to buy-back programmes⁵ and stabilisation measures;
Implementing Regulation (EU) 2016/1055 on technical standards for the means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information;
Implementing Regulation (EU) 2017/1158 on technical standards for the procedures and forms for competent authorities exchanging information with the European Securities and Markets Authority (ESMA);
Implementing Regulation (EU) 2020/1406 on technical standards for procedures and forms for exchange of information and cooperation between competent authorities, the European Securities and Markets Authority, the Commission and other entities;
Delegated Regulation (EU) 2021/1783 on regulatory technical standards containing a template document for cooperation arrangements with non-EU countries;
Implementing Regulation (EU) 2022/1210 on technical standards for the application of Regulation (EU) No 596/2014 with regard to the format of insider lists and their updates;
Delegated Regulation (EU) 2022/1959 on regulatory technical standards setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to trading on an SME growth market.

Repeal

Regulation (EU) No 596/2014, along with Directive 2014/57/EU which requires all Member States to harmonise their laws on criminal offences for market abuse (see summary), replaces the original market abuse directive (Directive 2003/6/EC).

FROM WHEN DOES THE REGULATION APPLY?

It has applied, except for specified rules, since 3 July 2016.

BACKGROUND

For further information, see:

Markets integrity: Benchmarks and market abuse (European Commission).

KEY TERMS

Market manipulation. Entering into a transaction or behaviour that gives or is likely to give false or misleading signals as to the supply of / demand for / price of a financial instrument or that secures or is likely to secure the price of a financial instrument at an abnormal or artificial level. It may also consist of a transaction or behaviour by using a fictitious device or other form of deception; disseminating misleading information; transmitting false or misleading information; providing false or misleading inputs; or any action that manipulates the calculation of a benchmark.
Insider dealing. This arises where a person uses inside information by conducting a transaction, on their own account or for the account of a third party, in a financial instrument to which that inside information relates. Inside information is of a precise nature, is not public, relates to issuer(s) of financial instruments and, if made public, would have a significant effect on prices.
Unlawful disclosure of inside information. This arises when a person possesses inside information and discloses it to another person (e.g. through leaking confidential documents containing inside information), except if the disclosure is made in the normal exercise of an employment, a profession or duties.
Market soundings. A communication of information prior to the announcement of a transaction in order to gauge the interest of potential investors in a possible transaction and the conditions relating to it, such as its potential size or pricing to one or more potential investors.
Buy-back programmes. This is when companies buy back their own shares from the marketplace, either themselves or through a person acting in their own name but on the company’s behalf. This most frequently arises when companies feel their shares are undervalued.

MAIN DOCUMENT

Successive amendments to Regulation (EU) No 596/2014 have been incorporated into the original text. This consolidated version is of documentary value only.

Flokkun (Classifications)

EUROVOC	stock-exchange transaction, financial instrument, restriction on competition, dissemination of information, prevention of delinquency, insider trading
Subject matter	Freedom of establishment, Internal market - Principles