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Regulation (EU) No 596/2014

 

I. General Information

Title

Regulation  (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on  market abuse ( market abuse regulation) and repealing Directive  2003/6/EC of the European Parliament and of the Council and Commission Directives  2003/124/EC,  2003/125/EC and  2004/72/EC

Abbreviations MAR, Market Abuse Regulation
Status: Existing
Description

The  Market Abuse Regulation ensures regulation keeps pace with market developments such as the growth of new trading platforms, over the counter (OTC) trading and new technology such as high frequency trading (HFT), strengthens the fight against  market abuse across commodity and related derivative markets, explicitly bans the manipulation of benchmarks (such as LIBOR), reinforces the investigative and administrative sanctioning powers of regulators and ensures a single rulebook while reducing, where possible, the administrative burdens on SME issuers.

The  Market Abuse Regulation shall enter into application in July 2016.

The Regulation is accompanied by Directive  2014/57/EU ( Market Abuse Directive).

Quelle: Pressemitteilung der Kommission

 

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Regulation (EU) No 596/2014
Source O.J. EU No L (Legislation), Edition 173, Year 2014, p.1
Adoption 09/10/2013
Promulgation 06/12/2014
Character Lamfalussy Framework Act
Implementation   Regulation (EU) Nr. 2018/292
  Regulation (EU) Nr. 2017/1158
  Regulation (EU) Nr. 2016/1052
  Regulation (EU) Nr. 2016/957
  Regulation (EU) Nr. 2016/522
  Regulation (EU) Nr. 2016/523
  Regulation (EU) Nr. 2016/378
  Regulation (EU) Nr. 2016/347
  Directive 2015/2392/EU
Legal Basis Art. 114 AEUV
Legislative Procedure Codecision procedure
 

II. Rahmenrechtsakt (Level 1)

 

1. Versions

  (EU) No 2016/1033
    06/23/2016 (A)
    06/30/2016 (P)
MAR, Market Abuse Regulation (Regulation (EU) Nr. 596/2014) amended by

Regulation extending the application date of MiFIR ( Details)

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(A) Adoption | (P) Promulgation
 

2. Reformvorhaben

  Proposal

Proposal for a Regulation of the European Parliament and of the Council amending Regulations  (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets

Amendment Regulation (EU) Nr. 596/2014
(A) Adoption | (P) Promulgation
 

3. Legislative History

04/16/2014 Approval by the European Parliament Signature by EP and Council PE-CONS/2013/78 Deutsch
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09/10/2013 Commission position zu den Änderungsanträgen EP 1. Lesung
09/10/2013 Position and Approval of the European Parliament TA/2013/342/P7 Deutsch
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07/25/2012 Proposal COM(2012) 421 final Deutsch
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03/28/2012 Opinion of the European Economic and Social Committee ABL 2012/C 181/64 Deutsch
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03/22/2012 Opinion of the European Central Bank ABL 2012/C 161/3 Deutsch
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02/10/2012 Opinion of the European Data Protection Supervisor ABL 2012/C 177/1 Deutsch
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10/20/2011 Proposal COM(2011) 651 final Deutsch
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4. Comments

12/16/2011 Der Deutsche Bundesrat (BR Drs. 647/11(B))
Comment on: Kommissionsvorschlag
PDF-Datei
05/04/2012 Deutscher Anwaltverein (DAV)
Comment on: Kommissionsvorschlag
PDF-Datei
 

5. Legal Impact

Repeal  Directive 2003/6/EC
Repeal  Directive 2003/125/EC
Repeal  Directive 2003/124/EC
Repeal  Directive 2004/72/EC
Repeal  Regulation (EC) No 2273/2003
 

III. Implementing / Legislative Act (Level 2)

 

1. Implementation

  (EU) No 2018/292
    02/26/2018 (A)
    02/27/2018 (P)

Commission Implementing Regulation (EU) 2018/292 of 26 February 2018 laying down implementing technical standards with regard to procedures and forms for exchange of information and assistance between competent authorities according to Regulation  (EU) No 596/2014 of the European Parliament and of the Council on  market abuse

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  (EU) No 2017/1158
    06/29/2017 (A)
    06/30/2017 (P)

Commission Implementing Regulation (EU) 2017/1158 of 29 June 2017 laying down implementing technical standards with regards to the procedures and forms for competent authorities exchanging information with the European Securities Market Authority as referred to in Article 33 of Regulation  (EU) No 596/2014 of the European Parliament and of the Council

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  (EU) No 2016/1052
    03/08/2016 (A)
    06/30/2016 (P)

Commission delegated Regulation (EU) 2016/1052 supplementing Regulation  (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures

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  (EU) No 2016/957
    03/09/2016 (A)
    06/17/2016 (P)

Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 supplementing Regulation  (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions

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  (EU) No 2016/522
    12/17/2015 (A)
    04/05/2016 (P)

Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation  (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions

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  (EU) No 2016/523
    03/10/2016 (A)
    04/05/2016 (P)

Commission Implementing Regulation (EU) 2016/523 of 10 March 2016 laying down implementing technical standards with regard to the format and template for notification and public disclosure of managers' transactions in accordance with Regulation  (EU) No 596/2014 of the European Parliament and of the Council

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  (EU) No 2016/378
    03/11/2016 (A)
    03/17/2016 (P)

Commission Implementing Regulation (EU) 2016/378 of 11 March 2016 laying down implementing technical standards with regard to the timing, format and template of the submission of notifications to competent authorities according to Regulation  (EU) No 596/2014 of the European Parliament and of the Council

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  (EU) No 2016/347
    03/10/2016 (A)
    03/11/2016 (P)

Commission Implementing Regulation (EU) 2016/347 of 10 March 2016 laying down implementing technical standards with regard to the precise format of insider lists and for updating insider lists in accordance with Regulation  (EU) No 596/2014 of the European Parliament and of the Council

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  2015/2392/EU
    12/17/2015 (A)
    12/18/2015 (P)

Commission Implementing Directive (EU) 2015/2392 of 17 December 2015 on Regulation  (EU) No 596/2014 of the European Parliament and of the Council as regards reporting to competent authorities of actual or potential infringements of that Regulation

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IV. CESR / ESMA Announcements (Level 3)

11/2018

Q&A on the Market Abuse Regulation (MAR)

ESMA/70-145-111  
01/2017

Guidelines: Information relating to commodity derivatives markets or related spot markets for the purpose of the definition of inside information on commodity derivatives

ESMA/2016/1480  
 
  9/2016

Final Report

CESR/2016/1412 PDF-Datei
  3/2016

Consultation Paper

CESR/2016/444 PDF-Datei
10/2016

Guidelines Delay in the disclosure of inside information

ESMA/2016/1478  
10/2016

Guidelines Persons receiving market soundings

ESMA/2016/1477  
04/2016

Q&A On the common operation of the Market Abuse Directive

ESMA/2016/419  
10/2015

Guidelines on Alternative Performance Measures

ESMA/2015/1415  
06/2005

Frequently Asked Questions - Accepted Market Practices (AMP)

CESR/05-365  
 

V. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

04/14/2016 (A)
07/01/2016 (P)

 Erstes Gesetz zur Novellierung von Finanzmarktvorschriften aufgrund europäischer Rechtsakte

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07/02/2016 (A)
07/02/2016 (P)

 Einführung der Verordnung zur Meldung von Verstößen gegen das Verbot der Marktmanipulation

Deutsch
(A) Adoption | (P) Promulgation
 

VI. Other

 

1. BaFin FAQ

BaFin
06/21/2016

BaFin FAQ zu Eigengeschäften von Führungskräften nach Art. 19 der Marktmissbrauchsverordnung  (EU) Nr. 596/2014

PDF-Datei
BaFin
06/17/2016

BaFin FAQ zu Art. 17  MAR, Veröffentlichung von Insiderinformationen (FAQs)

PDF-Datei
BaFin
06/03/2016

BaFin FAQ zu Insiderlisten nach Art. 18 der Marktmissbrauchsverordnung  (EU) Nr. 596/2014

PDF-Datei
 

2. BaFin sonsitge Dokumente

BaFin

Emittentenleitfaden der BaFin (Überarbeitung des Emittentenleitfadens ist geplant)

PDF-Datei
 

3. ESMA sonstige Dokumente

ESMA
05/25/2016

ESMA/2016/724 - Informationsschreiben der ESMA, Reference data submission under Article 4(1) of Regulation No 596/2014 on  market abuse ( MAR)

PDF-Datei
ESMA
12/22/2015

ESMA/2015/1905 - Peer Review on Supervisory Practices against  Market Abuse – Follow-up report

PDF-Datei
 

4. Europäische Kommission

Europäische Kommission
12/16/2016

List of the national competent authorities designated by the EU member states under article 22 of Regulation (EU) no. 596/2014 on  Market Abuse

PDF-Datei
 

5. Other

ESMA
10/30/2017

Q&A on Esma Guidelines on Alternative Performance Measures (APMs)

PDF-Datei
ESMA
09/29/2017

Q&A - Prevention and detection of  market abuse, Manager's transactions, Investment recommendation and information recommending or suggesting an investment strategy, Market soundings, Insider lists

PDF-Datei
 

VII. Literature

Möllers

Marktmanipulationen durch Leerverkaufsattacken und irreführende Finanzanalysen
Navigationspfeil NZG 2018, 649

Language:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

Legende

Hyperlink int./ext. Verlinkung
Externer Link Externer Hyperlink
Status des Rechtsaktes
Aufgehoben Aufgehoben
Vorhaben Vorhaben
Inkraft Inkraft
Unbekannt Unbekannt
Dokumente
Deutsch Deutsche Fassung
Englisch Englische Fassung
Französisch Franz. Fassung
PDF-Datei Sonstige PDF-Datei
Dokument Sonstiges Dokument
Externer Link Externes Dokument

Overview

I. General Information
II. Rahmenrechtsakt (Level 1)
1. Versions
2. Reformvorhaben
3. Legislative History
4. Comments
5. Legal Impact
III. Implementing / Legislative Act (Level 2)
1. Implementation
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
VI. Other
1. BaFin FAQ
2. BaFin sonsitge Dokumente
3. ESMA sonstige Dokumente
4. Europäische Kommission
5. Other
VII. Literature

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