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Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.13: Accepted market practices

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: 13 June 2024

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

This chapter examines Article 13, which talks about accepted market practices. In accordance with Article 3(1)(9), accepted market practice is described as a specific market practice that is accepted by a ‘competent authority’ of a given Member State in concert with provisions set out in Article 13. Accepted market practices could be potentially manipulative, but they are accepted and authorized to pursue a benefit they bring to market structure, operation, or robustness. A key requirement prior to establishing a market practice as an accepted market practice is for competent authorities to evaluate the practice and consult with relevant bodies. Emphasis is made of the fact that, where a competent authority establishes and accepts an accepted market practice in a particular market, it shall not be considered to be applicable to other markets unless the competent market authorities of those other markets have accepted that practice pursuant to this Article.

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