Insider Dealing and Ad Hoc Disclosure Requirements in the New EU Market Abuse Regulation

摘要

The draft MAR adopts many of the provisions of the current MAD. After much discussion, the key notion of inside information remains the same. Also, the prohibition on insider dealing and the disclosure rules are not changed fundamentally. However, there are still significant changes: First, the scope of the draft MAR is wider. It now explicitly extends to actions and omissions outside the EU. Second, the draft MAR is a regulation that has direct and general application in all Member States. It replaces not only the MAD, which is a directive addressed to the Member States, but also the individual laws of the Member States that transpose the current directive.