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Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.16: Prevention and detection of market abuse

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: 26 May 2024

Improper disclosure — Insider dealing — Insider trading — Market abuse — Market Abuse Directive (MAD) — Regulated activities — European Securities and Markets Authority (ESMA)

This chapter concerns the enforcement of the Market Abuse Regulation through Article 16. This enforcement is based on a cooperation of European Securities and Markets Authority (ESMA) and the supervisory authorities of the Member States. However, since market abuse is taking place at trading venues under the supervision of market operators and investments firms Article 16(1) obliges them to maintain an effective system to prevent and detect insider trading and market manipulation. Article 16(2) also establishes a reporting requirement for persons professionally arranging or executing transactions concerning suspicious orders or transactions in the Member State in which they are registered (Article 16(3)). The competent authorities then have to transmit such information to the competent authorities of the trading venues concerned (Article 16(4)). Finally, ESMA is empowered to develop regulatory technical standards (Article 16(5)).

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