Topic Information obligations for issuers Prohibition of insider dealing and of unlawful disclosure of inside information
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
As the MAR has been directly applicable since 3 July 2016, this has created a single European legal framework for the prohibition of insider dealing and of unlawful disclosure of inside information. The prohibitions are governed by Article 14 in conjunction with Article 8 of the MAR. Point (a) of Article 14 of the MAR prohibits all persons from engaging or attempting to engage in insider dealing. Additionally, point (b) of Article 14 of the MAR prohibits all persons from recommending that another person engage in insider dealing or inducing them to do so. Finally, point (c) of Article 14 of the MAR also prohibits the unlawful disclosure of inside information. The old requirements in the earlier version of section 14 of the WpHG were revoked. Among other things, the Second Act Amending Financial Markets Regulations (Zweites Finanzmarktnovellierungsgesetz – 2. FiMaNoG) restructured and renumbered the WpHG.1
The directive harmonising criminal law in this field, Directive 2014/57/EU – Market Abuse Directive2 (CRIM-MAD), was also adopted. This directive was transposed into German law by the First Act Amending Financial Markets Regulations3 (Erstes Finanzmarktnovellierungsgesetz – 1. FiMaNoG).
The chapter is divided into the following sections:
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