Table Of Content© The Editors and Contributors Severally 2021
Based on translations by Donna Stockenhuber
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UK
Edward Elgar Publishing, Inc.
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USA
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is available from the British Library
Library of Congress Control Number: 2021947960
This book is available electronically in the
Law subject collection
http://dx.doi.org/10.4337/9781800882249
ISBN 978 1 80088 223 2 (cased)
ISBN 978 1 80088 224 9 (eBook)
Susanne Kalss, Martin Oppitz, Ulrich Torggler and Martin Winner - 9781800882249
CONTENTS
Extended contents viii
List of contributors xix
Preface xxii
List of abbreviations xxiii
Table of cases xxxiv
Table of legislation xxxix
Recitals lvii
1 Subject matter 1
Elena Guggenberger
2 Scope 4
Elena Guggenberger
3 Definitions 10
Elena Guggenberger
4 Notifications and list of financial instruments 29
Elena Guggenberger
5 Exemption for buy-back programmes and stabilisation 33
Susanne Kalss
6 Exemption for monetary and public debt management activities and climate policy activities 51
Susanne Kalss
7 Inside information 55
Mario Hössl-Neumann and Ulrich Torggler
8 Insider dealing 81
Martin Winner
9 Legitimate behaviour 115
Martin Winner
10 Unlawful disclosure of inside information 138
Mario Hössl-Neumann and Ulrich Torggler
11 Market soundings 153
Mario Hössl-Neumann and Ulrich Torggler
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12 Market manipulation 168
Susanne Kalss
13 Accepted market practices 181
Susanne Kalss
14 Prohibition of insider dealing and of unlawful disclosure of inside information 189
Martin Winner
15 Prohibition of market manipulation 194
Martin Oppitz
16 Prevention and detection of market abuse 198
Florian Kusznier
17 Public disclosure of inside information 202
Susanne Kalss and Clemens Hasenauer
18 Insider lists 242
Ursula Rath
19 Managers’ transactions 260
Susanne Kalss and Clemens Hasenauer
20 Investment recommendations and statistics 295
Martin Oppitz
21 Disclosure or dissemination of information in the media 300
Martin Oppitz
22 Competent authorities 306
Peter Jedlicka
23 Powers of competent authorities 314
Peter Jedlicka
24 Cooperation with ESMA 324
Alfred Schramm
25 Obligation to cooperate 329
Alfred Schramm
26 Cooperation with third countries 340
Alfred Schramm
27 Professional secrecy 347
Alfred Schramm
28 Data protection 352
Alfred Schramm
29 Disclosure of personal data to third countries 353
Alfred Schramm
30 Administrative sanctions and other administrative measures 354
Michael Rohregger and Nina Palmstorfer
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30A Appendix to Art 30 MAR – Private enforcement 360
Chris Thomale
31 Exercise of supervisory powers and imposition of sanctions 414
Michael Rohregger and Charlotte Pechhacker
32 Reporting of infringements 418
Michael Rohregger and Charlotte Pechhacker
33 Exchange of information with ESMA 424
Michael Rohregger and Charlotte Pechhacker
34 Publication of decisions 428
Michael Rohregger and Nina Palmstorfer
35 Exercise of the delegation 432
Elisabeth Drach
36 Committee procedure 435
Elisabeth Drach
37 Repeal of Directive 2003/6/EC and its implementing measures 437
Elisabeth Drach
38 Report 439
Elisabeth Drach
39 Entry into force and application 441
Elisabeth Drach
Annex I 443
Annex II 445
Index 450
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Contributors xix
Preface xxii
Abbreviations xxiii
Table of cases xxxiv
Table of legislation xxxix
Recitals lvii
ARTICLE 1 SUBJECT MATTER
A. INTRODUCTION 1.001
B. OBJECTIVES 1.004
C. BACKGROUND 1.007
ARTICLE 2 SCOPE
A. INTRODUCTION 2.001
B. FINANCIAL INSTRUMENTS ON AN ORGANISED TRADING VENUE 2.002
C. OTHER FINANCIAL INSTRUMENTS 2.007
1. General 2.007
2. Emission allowances 2.009
3. Spot commodity contracts, derivatives and benchmarks 2.011
D. EXTENDED SCOPE OF APPLICATION IN RELATION TO FINANCIAL INSTRUMENTS 2.016
1. Independence of trading venues 2.016
2. International scope of application 2.017
ARTICLE 3 DEFINITIONS
A. FINANCIAL INSTRUMENTS (1) 3.001
B. INVESTMENT FIRM (2) 3.004
C. CREDIT INSTITUTION (3) 3.016
D. FINANCIAL INSTITUTION (4) 3.018
E. MARKET OPERATOR (5) 3.020
F. REGULATED MARKET (6) 3.023
G. MULTILATERAL TRADING FACILITY (7) 3.027
H. ORGANISED TRADING FACILITY (8) 3.029
I. ACCEPTED MARKET PRACTICE (9) 3.032
J. TRADING VENUE (10) 3.034
K. SME GROWTH MARKET (11) 3.035
L. COMPETENT AUTHORITY (12) 3.036
M. PERSON (13) 3.037
N. COMMODITY (14) 3.038
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O. SPOT COMMODITY CONTRACT (15) 3.039
P. SPOT MARKET (16) 3.041
Q. BUY-BACK PROGRAMME (17) 3.042
R. ALGORITHMIC TRADING (18) 3.043
S. EMISSION ALLOWANCE (19) 3.044
T. EMISSION ALLOWANCE MARKET PARTICIPANT (20) 3.046
U. ISSUER (21) 3.049
V. WHOLESALE ENERGY PRODUCT (22) 3.050
W. NATIONAL REGULATORY AUTHORITY (23) 3.052
X. COMMODITY DERIVATIVES (24) 3.053
Y. PERSON DISCHARGING MANAGERIAL RESPONSIBILITIES (25) 3.054
Z. PERSON CLOSELY ASSOCIATED (26) 3.055
AA. DATA TRAFFIC RECORDS (27) 3.057
BB. PERSON PROFESSIONALLY ARRANGING OR EXECUTING TRANSACTIONS (28) 3.058
CC. BENCHMARK (29) 3.059
DD. MARKET MAKER (30) 3.060
EE. STAKE-BUILDING (31) 3.061
FF. DISCLOSING MARKET PARTICIPANT (32) 3.062
GG. HIGH-FREQUENCY TRADING (33) 3.063
HH. RECOMMENDING AN INVESTMENT STRATEGY (34) 3.064
II. INVESTMENT RECOMMENDATIONS (35) 3.065
JJ. DEFINITIONS ACCORDING TO PARA 2 3.067
ARTICLE 4 NOTIFICATIONS AND LIST OF FINANCIAL INSTRUMENTS
A. NOTIFICATION OBLIGATION 4.001
B. NOTIFICATION PROCEDURE 4.004
ARTICLE 5 EXEMPTION FOR BUY-BACK PROGRAMMES AND STABILISATION
A. BASIC PRINCIPLES 5.001
B. TWO SETS OF FACTS 5.008
C. BUY-BACK PROGRAMME 5.013
D. TRANSPARENCY REQUIREMENTS 5.021
E. LIMITS WITH REGARD TO PRICE AND VOLUME 5.029
F. STABILISATION 5.033
G. IMPLEMENTATION 5.043
ARTICLE 6 EXEMPTION FOR MONETARY AND PUBLIC DEBT
MANAGEMENT ACTIVITIES AND CLIMATE POLICY ACTIVITIES
A. FOUNDATIONS 6.001
B. MONETARY AND EXCHANGE RATE POLICY – PUBLIC DEBT MANAGEMENT 6.002
C. PUBLIC DEBT MANAGEMENT – COMMISSION 6.004
D. MOBILISATION OF FINANCIAL RESOURCES AND FINANCIAL SUPPORT 6.006
E. CLIMATE POLICY, AGRICULTURAL POLICY, FISHERIES POLICY 6.007
F. GENERAL QUESTIONS 6.008
G. BREXIT 6.010
ARTICLE 7 INSIDE INFORMATION
A. INTRODUCTION 7.001
1. Content and purpose 7.001
2. Historical development 7.003
3. Legal (knowledge) sources 7.005
B. INFORMATION ON ISSUERS OR FINANCIAL INSTRUMENTS (PARA 1 LIT A) 7.009
1. Introduction 7.009
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2. Information 7.011
(a) Introduction 7.011
(b) Nature of the information (paras 2 f) 7.012
(c) Intermediate steps in particular (para 3) 7.013
3. Relation to issuers or financial instruments 7.014
4. Lack of disclosure 7.015
(a) Notion 7.015
(b) Scope 7.017
5. Precision (para 2) 7.020
(a) Introduction 7.020
(b) Objectifiability (para 2 sentence 1 criterion 1) 7.022
(c) Price specificity 7.027
6. Price significance (para 4) 7.028
(a) Introduction 7.028
(b) Trade incentive test 7.030
(c) Point of view 7.033
C. INFORMATION ON COMMODITY DERIVATIVES (PARA 1 LIT B) 7.036
D. INFORMATION ON EMISSION ALLOWANCES (PARA 1 LIT C) 7.040
E. CLIENT ORDERS IN PARTICULAR (PARA 1 LIT D) 7.043
ARTICLE 8 INSIDER DEALING
A. INTRODUCTION 8.001
B. INSIDERS (PARAS 4 AND 5) 8.006
1. General 8.006
2. Legal persons 8.008
3. Primary insiders 8.012
4. Secondary insiders 8.021
5. Participation in decisions by legal persons (para 5) 8.025
C. INSIDER DEALING (PARA 1) 8.028
1. Knowledge of inside information 8.029
(a) Natural persons 8.029
(b) Legal persons 8.034
2. Transactions covered 8.042
(a) General 8.042
(b) Acquisition and disposal 8.044
(c) For their own account or for the account of others 8.053
(d) Direct or indirect 8.054
(e) Cancellation or amendment of orders 8.057
(f) Emission allowances 8.062
(g) Actions of legal persons 8.063
3. Use of inside information 8.066
(a) Introduction 8.066
(b) Use in decision-making, not in behaviour 8.067
(c) Advantage for the trader? 8.079
(d) ‘Presumption’ of use 8.083
(e) Absence of use 8.088
(f) Legal persons 8.095
D. TIPPING (PARA 2) 8.097
1. General 8.097
2. Knowledge 8.101
3. Recommend or induce 8.102
4. On the basis of inside information 8.110
5. Legal persons 8.113
E. LIABILITY OF THE TIPPEE (PARA 3) 8.115
1. General 8.115
2. Use 8.116
3. Knowledge 8.119
4. Legal persons 8.123
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ARTICLE 9 LEGITIMATE BEHAVIOUR
A. INTRODUCTION 9.001
B. COMPLIANCE OF LEGAL PERSONS (PARA 1) 9.007
1. General 9.007
2. Genuine exemption 9.011
3. Knowledge 9.013
4. Compliance organisation 9.014
5. No influence 9.020
6. Consequences 9.025
C. MARKET MAKER AND COUNTERPARTIES (PARA 2 LIT A) 9.029
D. EXECUTION OF ORDERS (PARA 2 LIT B) 9.034
E. DISCHARGE OF OBLIGATIONS (PARA 3) 9.041
F. TAKEOVER BIDS (PARA 4) 9.049
1. General 9.049
2. Takeovers, mergers 9.053
3. Making information public 9.058
4. Consequences 9.061
5. Limitations 9.065
G. USE OF OWN DECISION (PARA 5) 9.068
1. General 9.068
2. Permitted transactions 9.070
3. Acquisition by third parties 9.073
H. COUNTER-EXEMPTION (PARA 6) 9.075
ARTICLE 10 UNLAWFUL DISCLOSURE OF INSIDE INFORMATION
A. INTRODUCTION 10.001
1. Content and purpose 10.001
2. Historical development 10.004
B. DISCLOSURE OF INSIDE INFORMATION (PARA 1) 10.006
1. Introduction 10.006
2. Possession of inside information 10.007
3. Disclosure 10.010
4. Exemption: normal exercise of employment, etc. (para 1 subpara 1) 10.014
(a) Introduction 10.014
(b) Purpose of disclosure 10.017
(c) ‘Normal’ exercise of employment, etc. 10.018
(d) Accompanying measures 10.022
(e) Groups of cases 10.024
C. ONWARD DISCLOSURE OF RECOMMENDATIONS OR INDUCEMENTS (PARA 2) 10.032
ARTICLE 11 MARKET SOUNDINGS
A. INTRODUCTION 11.001
1. Content and purpose 11.001
2. Historical development 11.007
B. SCOPE OF APPLICATION 11.008
1. Issue or sale of financial instruments (paras 1 f) 11.008
2. Takeover of financial instruments (para 2) 11.011
C. OBLIGATIONS UNDER ART 11 11.015
1. Conditions for access to the safe harbour 11.015
2. Obligations of the party conducting the market sounding 11.017
(a) Procedural (exemption) requirements (paras 3, 5) 11.017
(b) Ensuing obligations (paras 6, 8) 11.021
3. Obligations of the market sounding recipient (para 7) 11.024
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ARTICLE 12 MARKET MANIPULATION
A. INTRODUCTION 12.001
1. Subject of the regulation 12.001
2. Purpose of the norm 12.003
3. History of origins 12.004
4. Significant changes to existing law 12.005
5. Practical significance 12.006
B. TRADE AND BEHAVIOUR-BASED MARKET MANIPULATION 12.007
1. Trade and other deceptive manipulation 12.007
2. Other acts of deception 12.017
C. TRADE-BASED PRICE MANIPULATION 12.020
D. INFORMATION-BASED PRICE MANIPULATION 12.022
E. MANIPULATION OF BENCHMARKS 12.030
F. SUBJECTIVE REQUIREMENTS – FAULT 12.031
1. Natural person – legal person relationship 12.033
G. COMPELLING EXAMPLES OF MARKET MANIPULATION (ART 12 PARA 2) 12.034
H. INDICATORS AND EXAMPLES (PARA 3, PARA 5) 12.037
I. IMPLEMENTATION 12.038
ARTICLE 13 ACCEPTED MARKET PRACTICES
A. BASIC PRINCIPLES 13.001
B. SCOPE OF APPLICATION 13.008
C. CONCRETE BEHAVIOUR 13.010
D. ACCEPTED MARKET PRACTICE 13.012
E. PREVIOUS FMA MARKET PRACTICE 13.019
F. IMPLEMENTATION 13.020
ARTICLE 14 PROHIBITION OF INSIDER DEALING AND OF UNLAWFUL
DISCLOSURE OF INSIDE INFORMATION
A. GENERAL REMARKS 14.001
B. ATTEMPT TO ENGAGE IN INSIDER DEALING 14.004
C. SANCTIONS 14.009
1. Criminal law 14.009
2. Administrative law 14.013
3. Contract and tort law 14.014
ARTICLE 15 PROHIBITION OF MARKET MANIPULATION
A. CONTENT OF THE PROVISION 15.001
B. DEFINITION ISSUES 15.004
1. Attempt 15.004
2. Constellations of attempts 15.005
C. PUNISHMENT OF THE ATTEMPT 15.013
ARTICLE 16 PREVENTION AND DETECTION OF MARKET ABUSE
A. INTRODUCTION 16.001
B. ADDRESSEES OF THE NORM 16.004
C. FACTS OF THE NORM 16.006
D. PROCEDURE AND RESPONSIBILITIES 16.008
E. EXECUTION OF NOTIFICATIONS 16.011
F. IMPLEMENTATION 16.013
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