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Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.7: Inside information

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Market abuse

This chapter looks at the Market Abuse Regulation’s definition of inside information. Pursuant to Article 7, inside information is information of a precise nature, concerning directly or indirectly one or more issuers or one or more financial instruments, which has not been made public yet and which, if it were made public, would be likely to have a significant effect on the price of the financial instruments it refers to or on that of the related derivative securities. This chapter embarks on an analysis of Article 7’s history and content, examining the constitutive elements of the Article’s definition of inside information and discussing some of the innovations introduced by the Market Abuse Regulation, such as the adoption of a unitary notion of inside information and the explicit reference to the fact that intermediate stages in a protracted process may qualify as inside information.

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