On 3 July 2016, the Market Abuse Regulation (MAR) came into effect across the EU replacing and repealing the existing framework that has been in place since 2005. As we have been reporting in our monthly updates on Legal News, MAR introduces a single market abuse rulebook across all EU Member States.

For the first time, market abuse rules will apply not only to securities on the main regulated markets of the EU, but also to securities admitted to trading on multilateral trading facilities, such as the Irish Stock Exchange's ESM and GEM. Such rules include:

  • A prohibition on insider dealing, market manipulation and the unlawful disclosure of inside information
  • Obligations on issuers and their advisors to maintain insider lists
  • Requirements concerning the public disclosure of inside information
  • Disclosure obligations for dealings in the issuers securities by "persons discharging managerial responsibilities" and persons closely associated with them

MAR has direct effect, meaning that no implementing domestic legislation is required to put the new rules in place. However, the Department of Finance has published national Regulations in order to amend and, in some parts, repeal the existing market abuse framework in Ireland. In addition, the Central Bank of Ireland has produced updated Market Abuse Rules to take account of the changes.

We have prepared a comprehensive guide setting out the requirements and obligations imposed by the new regime and practical steps to ensure compliance with MAR.