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Part B Commentary, 5 Administrative Measures and Sanctions, Art.32: Reporting of infringements

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

Subject(s):
Enforcement — Market abuse — Market Abuse Directive (MAD) — Regulated activities — Statutory duty — European Securities and Markets Authority (ESMA)

This chapter details the mechanisms for reporting infringements in Article 32. To facilitate detection of market abuse, Article 32(1) mandates the establishment of whistle-blower programmes at the competent authorities, which is a novelty in the enforcement toolbox in European capital markets law. The chapter then proceeds to outline the succeeding provisions, which all deal with whistle-blowing to competent authorities. However, they seem to overlook and possibly even undermine the potential benefits from companies’ internal compliance programmes. During the trialogues, a provision was therefore added to the effect that employees of employers who carry out activities that are regulated by financial services regulation should be able to report market abuse through appropriate internal procedures.

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