Sources on the web

EU regulation 596/2014 contains definitions and obligations: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0596

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Which are the MAR sanctions?

Relating to the above infringements, the below MAR sanctions summary is limited to administrative sanctions and does not include e.g. illegal insider trading, which carries significantly more severe consequences including criminal prosecution […]

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The requirements on management of Persons Discharging Managerial Responsibilities (PDMRs) (art. 19), including;

The sanctions for incorrect handling of the requirements for PDMRs (article 19) covers, amongst others, the following items: Failure to create or update the list of PDMRs without delayLack of information to […]

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Which are the MAR sanctioned infringements?

MAR sanctioned infringements include failures to comply with: the prohibition of insider dealing and of unlawful disclosure of inside information (art. 14);the prohibition of market manipulation (art. 15);the requirements concerning prevention and […]

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What happens if I fail to comply with MAR?

There would normally be no immediate consequences. NCAs do not perform constant controls on all companies regulated under MAR but would rather act upon specific decisions of an NCA. In case of […]

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How is the logbook kept?

The company shall establish an insider list (“logbook”) of all persons who: (a) have access to inside information, and work for the company through employment contracts, or (b) otherwise perform information through […]

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How is the list of PDMRs and PCAs kept?

The issuer must keep a list of all PDMRs and PCAs (i.e. regardless of the logbook). There is no requirement for special format for the list. The list must state: (a) name […]

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Who is a "permanent insider"?

Permanent insider is a person who continuous has access to all inside information (Art. 2.2 Implementing Regulation). Few people meet these requirements and it is voluntary to keep a permanent logbook (as […]

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What is "inside information"?

Insider information is “information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, […]

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When can "postponed disclosure" occur?

The main rule is that inside information should be published as soon as possible (MAR Art. 17).However, publication may be postponed if all of the following conditions are met (MAR Art. 17.4): […]

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Who is a "person discharging managerial responsibilities" (PDMR)?

PDMRs: (a) board members (incl. deputies), (b) MDs (incl. vice MDs) and (c) any possible other senior executive, who has regular access to inside information with power to take managerial decisions affecting […]

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Which companies are covered by MAR?

MAR mainly covers the following companies: companies traded on a regulated market (stock exchange)companies traded on a multilateral trading facility (MTF)issuers of bonds traded on stock exchange or MTFIssuers of products (only […]

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