EU Market Abuse Regulation

Edited by Susanne Kalss, Vienna University of Economics and Business, Martin Oppitz, a2o legal, Vienna, Ulrich Torggler, Faculty of Law, University of Vienna and Martin Winner, Vienna University of Economics and Business, Austria

• Contents:1 Subject matter 1Elena Guggenberger2 Scope 4Elena Guggenberger3 Definitions 10Elena Guggenberger4 Notifications and list of financial instruments 29Elena Guggenberger5 Exemption for buy-back programmes and stabilisation 33Susanne Kalss6 Exemption for monetary and public debt management activities and climate policy activities 52Susanne Kalss7 Inside information 56Mario Hössl-Neumann and Ulrich Torggler8 Insider dealing 82Martin Winner9 Legitimate behaviour 116Martin Winner10 Unlawful disclosure of inside information 139Mario Hössl-Neumann and Ulrich Torggler11 Market soundings 154Mario Hössl-Neumann and Ulrich Torggler12 Market manipulation 169Susanne Kalss13 Accepted market practices 182Susanne Kalss14 Prohibition of insider dealing and of unlawful disclosure of inside information 190Martin Winner15 Prohibition of market manipulation 195Martin Oppitz16 Prevention and detection of market abuse 199Florian Kusznier17 Public disclosure of inside information 203Susanne Kalss and Clemens Hasenauer18 Insider lists 243Ursula Rath19 Managers’ transactions 261Susanne Kalss and Clemens Hasenauer20 Investment recommendations and statistics 297Martin Oppitz21 Disclosure or dissemination of information in the media 303Martin Oppitz22 Competent authorities 309Peter Jedlicka23 Powers of competent authorities 317Peter Jedlicka24 Cooperation with ESMA 327Alfred Schramm25 Obligation to cooperate 331Alfred Schramm26 Cooperation with third countries 341Alfred Schramm27 Professional secrecy 348Alfred Schramm28 Data protection 352Alfred Schramm29 Disclosure of personal data to third countries 353Alfred Schramm30 Administrative sanctions and other administrative measures 354Michael Rohregger and Nina Palmstorfer30A Appendix to Art 30 MAR – Private enforcement 360Chris Thomale31 Exercise of supervisory powers and imposition of sanctions 414Michael Rohregger and Charlotte Pechhacker32 Reporting of infringements 418Michael Rohregger and Charlotte Pechhacker33 Exchange of information with ESMA 424Michael Rohregger and Charlotte Pechhacker34 Publication of decisions 428Michael Rohregger and Nina Palmstorfer35 Exercise of the delegation 432Elisabeth Drach36 Committee procedure 435Elisabeth Drach37 Repeal of Directive 2003/6/EC and its implementing measures 437Elisabeth Drach38 Report 439Elisabeth Drach39 Entry into force and application 441Elisabeth DrachAnnex I 443Annex II 445Index 450

‘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.’