Part A Annotated Guide, 4 Public Disclosure of Inside Information and Market Abuse
Edited By: Marco Ventoruzzo, Sebastian Mock
- Transparency Directive — Insider dealing — Investment business — Market abuse — Market Abuse Directive (MAD)
This chapter concerns the provisions laid out in the Market Abuse Regulation (MAR) regarding the unlawful disclosure of inside information and market manipulation. Considering the overwhelming evidence of a high level of market abuse activity, the preventative measures laid out here can be considered the MAR’s main contribution. Articles 17 to 21 of the MAR serve to complement the main market abuse prohibitions, serving the ancillary purpose of reducing the potential occurrences of insider dealing or market manipulation, through special, prompt, or objective disclosure requirements weighing on persons categorized according to the sensitivity of their professional positions. Articles 17 to 19 mainly concern issuers and their managers. Articles 20 and 21 impose objectivity and transparency requirements on persons producing or disseminating investment recommendations and on public institutions disseminating statistics or forecasts.