Market Abuse Regulation
Regulation (EU) No. 596/2014
|Title:||Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Directive 2003/124 / EC, 2003/125 / EC and 2004/72 / EC of the Commission|
|Short title:||Market Abuse Regulation|
|Legal matter:||Capital market law , competition law|
|Basis:||TFEU , in particular Art 114|
|Date of issue:||April 16, 2014|
|Release date:||June 12, 2016|
|Come into effect:||2nd July 2016|
|To be used from:||July 2, 2016
July 3, 2017
January 3, 2018
|Reference:||OJ L 173 of June 12, 2014, pp. 1-61|
Consolidated version (not official)
|Regulation has entered into force and is applicable.|
|Please note the information on the current version of legal acts of the European Union !|
The Market Abuse Regulation, full name Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Directive 2003/124 / EC , 2003/125 / EG and 2004/72 / EG of the Commission - Market Abuse Regulation (abbreviation MMVO , English abbreviation MAR for Market Abuse Regulation ) is an EU regulation to combat insider trading and market manipulation in the European financial markets.
Articles 14 and 15 of the Market Abuse Ordinance prohibit insider trading , the unlawful disclosure of inside information and market manipulation. It defines prohibited actions in a uniform and binding manner across the EU and differentiates them from legal action.
Implementation in national law
As an EU regulation, the Market Abuse Regulation is directly applicable law. However, the enforcement and prosecution of criminal offenses or administrative offenses is the responsibility of the national authorities.
Examples of implementation in EU countries are:
With express reference to the Market Abuse Ordinance , pursuant to (3) WphG , anyone who, contrary to Article 14 MMVO, engages in insider trading , recommends this to third parties or incites them to do so, or discloses inside information, is punished with imprisonment for up to five years or with a fine . Pursuant to (2) No. 3 WpHG, the dissemination of certain information, contrary to Art. 15 in conjunction with Art. 12 MMVO, is punishable as an administrative offense with a fine.
The Market Abuse Ordinance was implemented by amending the Stock Exchange Act, in particular by adding sections 48a to 48f of the BoerseG. The competent authority is the Financial Market Authority (FMA); the amount of the fines imposed can be up to 15 million euros or 15 percent of the annual turnover or up to three times the benefit derived from the violation.
The Italian stock exchange regulator Commissione Nazionale per le Società e la Borsa (CONSOB) published an implementation decision on the Market Abuse Regulation in 2017.
The Market Abuse Regulation was implemented by amending the UK Financial Services and Markets Act 2000 (FMSA), in particular by amending Article 118 and adding Articles 118A to 118C. The authority responsible for implementation is the Financial Conduct Authority (FCA), which, according to Section 123 FMSA, also determines fines. The amount of the fines imposed, as well as the procedure for determining the sentence, is bindingly regulated in the FCA's DEPP manual.
- Search results for the term "market abuse". In: EU Commission .
- Market abuse documents on ESMA's website
- Christian Schröder: The Europeanization of criminal law according to Art. 83 Para. 2 TFEU using the example of market abuse law: Comments on a false start HRRS 2013, pp. 253-263
- EUR-Lex , accessed on January 10, 2019 . In:
- Christoph Knapp: Important innovations in capital market law through the Market Abuse Regulation (MMVO) from July 3, 2016. In: Seitz Weckbach Fackler & Partner. Retrieved January 10, 2019 .
- Draft for implementation of BörseG 1989 (PDF)
- CONSOB: Abusi di mercato , April 6, 2017
- Part VIII Penalties for Market Abuse , Financial Services and Markets Act 2000 on the National Archive's legislation.gov.uk website
- FCA: Decision Procedure and Penalties Manual . (DEPP), Release 15, April 2017.