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Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.9: Legitimate behaviour

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

Insider dealing — Insider trading — Investment business — Market abuse — Market Abuse Directive (MAD) — Regulated activities

This chapter explores the provisions of Article 9. Article 9 follows on from Article 8 on insider dealing, which is prohibited by way of Article 14. Article 9 is closely related to these provisions and must be read in conjunction with them. According to its own title, Article 9 describes legitimate behaviour. As such, it appears to serve as a delimitation of the activities that are covered by Article 8 and prohibited by Article 14. However, upon closer inspection Article 9 does not conclusively determine behaviour as legitimate, but should be understood as a supplement rather than an exemption under Article 8. Furthermore, Article 9 covers different situations, which appear to have as their common denominator the fact that persons are acting when directly or indirectly in possession of inside information.

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