EU Market Abuse Regulation by Kalss, Susanne; Oppitz, Martin; Torggler, Ulrich;

Long description:

This comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.

Key features include:

• in-depth contributions from leading scholars and practitioners in the field
• practical discussion of the interpretation and implementation of the Regulation, including pertinent national and European case law
• systematic article-by-article analysis of the Regulation, illuminating the purpose of each provision as well as providing relevant historical and legal context

Scholars of EU financial and banking law, particularly those with an interest in market abuse and financial crime and corruption, will find this Commentary a valuable resource. It will also be of great practical benefit for practitioners and in-house counsel working for or with banks, investment firms and other financial institutions.

This comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.

‘This book provides an exhaustive analysis of the Market Abuse Regulation, which, despite Brexit, continues to be of core concern to practitioners in this area, for two reasons. First, the Regulation continues as part of domestic UK law as “retained EU law” and, second, its status in relation to EU financial markets remains undisturbed. This book, written by a distinguished group of scholars, lays out, article by article, a complete analysis of the Regulation and its now extensive accompanying pieces of secondary legislation and CJEU decisions. It brings together in a single volume a clear and incisive assessment of all the issues arising, and likely to arise, in the regulation of this notoriously challenging area of market behaviour.’

Table of Contents:

Contents:

1 Subject matter 1
Elena Guggenberger
2 Scope 4
Elena Guggenberger
3 Definitions 10
Elena Guggenberger
4 Notifications and list of financial instruments 29
Elena Guggenberger
5 Exemption for buy-back programmes and stabilisation 33
Susanne Kalss
6 Exemption for monetary and public debt management activities and climate policy activities 52
Susanne Kalss
7 Inside information 56
Mario Hössl-Neumann and Ulrich Torggler
8 Insider dealing 82
Martin Winner
9 Legitimate behaviour 116
Martin Winner
10 Unlawful disclosure of inside information 139
Mario Hössl-Neumann and Ulrich Torggler
11 Market soundings 154
Mario Hössl-Neumann and Ulrich Torggler
12 Market manipulation 169
Susanne Kalss
13 Accepted market practices 182
Susanne Kalss
14 Prohibition of insider dealing and of unlawful disclosure of inside information 190
Martin Winner
15 Prohibition of market manipulation 195
Martin Oppitz
16 Prevention and detection of market abuse 199
Florian Kusznier
17 Public disclosure of inside information 203
Susanne Kalss and Clemens Hasenauer
18 Insider lists 243
Ursula Rath
19 Managers’ transactions 261
Susanne Kalss and Clemens Hasenauer
20 Investment recommendations and statistics 297
Martin Oppitz
21 Disclosure or dissemination of information in the media 303
Martin Oppitz
22 Competent authorities 309
Peter Jedlicka
23 Powers of competent authorities 317
Peter Jedlicka
24 Cooperation with ESMA 327
Alfred Schramm
25 Obligation to cooperate 331
Alfred Schramm
26 Cooperation with third countries 341
Alfred Schramm
27 Professional secrecy 348
Alfred Schramm
28 Data protection 352
Alfred Schramm
29 Disclosure of personal data to third countries 353
Alfred Schramm
30 Administrative sanctions and other administrative measures 354
Michael Rohregger and Nina Palmstorfer
30A Appendix to Art 30 MAR – Private enforcement 360
Chris Thomale
31 Exercise of supervisory powers and imposition of sanctions 414
Michael Rohregger and Charlotte Pechhacker
32 Reporting of infringements 418
Michael Rohregger and Charlotte Pechhacker
33 Exchange of information with ESMA 424
Michael Rohregger and Charlotte Pechhacker
34 Publication of decisions 428
Michael Rohregger and Nina Palmstorfer
35 Exercise of the delegation 432
Elisabeth Drach
36 Committee procedure 435
Elisabeth Drach
37 Repeal of Directive 2003/6/EC and its implementing measures 437
Elisabeth Drach
38 Report 439
Elisabeth Drach
39 Entry into force and application 441
Elisabeth Drach
Annex I 443
Annex II 445

Index 450