Regulation on anti-market abuse

Capital Markets & Financial Regulation News – Regulation on anti-market abuse

January 2017 Newsflash

  • Regulation (EU) 596/2014 and Greek Law 4443/2016 on anti-market abuse

The EU law on anti-market abuse, as set out by
the Directive 2003/6/EC (the so-called MAD), has
been replaced by Regulation (EU) 596/2014 (the
so-called MAR) and the Directive 2014/57/EU
(the so-called MAD II). MAR, being a regulation,
is directly applicable and binding for all Member
States already since 3rd July 2016, while in
relation to MAD II, its transposition into the
Greek legal system has already been
implemented by the Law 4443/2016 that repeals
Law 3340/2005 (i.e. the previous national
implementation of MAD).
MAR, establishes a common regulatory framework on
insider dealing, unlawful disclosure of inside information and
market manipulation and a set of measures for the purposes
of preventing market abuse and ensuring market integrity
and confidence as well as investors protection in the Union.
MAR expands the scope of MAD by including to its anti-
market abuse regime any financial instrument traded on a
trading venue, i.e. a regulated market, an MTF (multilateral
trading facility) or an OTF (organised trading facility), as well
as any conduct or action which can have an effect on such a
financial instrument. It also includes to its scope credit
default swaps and contracts for differences. Furthermore,
MAR applies to behaviour or transactions, including bids
relating to the auctioning on an auction platform authorised
as a regulated market of emission allowances or other
auctioned products based thereon, including when
auctioned products are not financial instruments.
Certain articles of MAR (art. 12, 15) apply to (a) spot
commodity contracts, which are not wholesale energy
products, where the transaction, order or behaviour has or is
likely or intended to have an effect on the price or value of a
financial instrument referred to in paragraph 1; (b) types of
financial instruments, including derivative contracts or
derivative instruments for the transfer of credit risk, where
the transaction, order, bid or behaviour has or is likely to
have an effect on the price or value of a spot commodity
contract where the price or value depends on the price or
value of those financial instruments; and (c) behaviour in
relation to benchmarks.

  • The new Electronic Book Building (EBB) regime of ATHEX Exchange


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