Market Abuse Regulation (MAR) and Market Abuse Directive (CS MAD)

Regulation No 596/2014 on market abuse (MAR) has the objective of increasing market integrity and investor protection. It replaces the previous Market Abuse Directive (MAD) and provides a pan-European regime to prevent and detect market abuse, market manipulation and insider dealing.

Level 1:

Market Abuse Regulation (MAR)

Level 2:

Implementing measures: Commission delegated and implementing acts, including technical standards (RTS and ITS).

Level 3: 

ESMA Q&As on MAR and ESMA Guidelines on:

The Market Abuse Directive (CS MAD): 

Directive 2014/57/EU on criminal sanctions for market abuse, lays down criminal sanctions for abuses including market manipulation, insider dealing and unlawful disclosure of inside information.

ESMA also publish Q&As on the common operation of the Market Abuse Directive. Further ESMA guidance on accepted market practices (AMPs) can be found here.

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