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Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.10: Unlawful disclosure of 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: 14 July 2024

Misuse of information — Market abuse — Market Abuse Directive (MAD) — Regulated activities

This chapter considers another improper use of inside information—its unlawful disclosure, as described in Article 10. Following a short introduction on unlawful behaviours connected to the improper uses of inside information, the chapter addresses the main issues raised by Article 10. Hereafter, this chapter discusses the equal access of information principle. In order to understand Article 10, cases of legitimate and illegitimate transmission of inside information from primary or secondary insiders are carefully distinguished. Within the overall picture of a strongly market-oriented discipline, unlawful disclosure of inside information not only reduces insider trading opportunities, but aims to impose a duty of confidentiality on anyone who is in possession of inside information.

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