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Part B Commentary, 3 Disclosure Requirements, Art.19: Managers’ transactions

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: 24 June 2024

Subject(s):
Improper disclosure — Insider dealing — Insider trading — Misleading impressions — Investment business — Market abuse — Market Abuse Directive (MAD) — Regulated activities

This chapter covers Article 19 of the Market Abuse Regulation (MAR). This Article provides for the public disclosure of certain transactions entered into by persons discharging managerial responsibilities within an issuer or closely associated persons with them. It requires that persons discharging managerial responsibilities within an issuer and closely associated persons notify the issuer and the national competent authority of every transaction conducted on their own account relating to the shares or debt instruments of that issuer. The main purpose of this disclosure obligation consists in the improvement of the transparency of financial markets. More specifically, it is a preventive measure against market abuse, particularly insider dealing. The public disclosure of such transactions also contributes to the information available to investors and to the effectiveness of the competent authorities’ supervision.

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