The new Market Abuse Regime – Legislation in force in the Netherlands as of 3 July 2016

On 3 July 2016, the provisions of the Market Abuse Regulation (MAR) and the new Market Abuse Directive became applicable. The MAR applies directly in the European Economic Area. For an overview of the most important changes for issuers, please click here for our previous alert of May 2016. The amended Decree implementing EU-Regulations regarding the Financial Markets (Besluit uitvoering EU-verordeningen financiële markten) has been published on 1 July 2016 and entered into force on 3 July 2016 as well. This update provides a brief overview of the current MAR implementing legislation and further guidance provided by regulators.

Introductory remarks

Although the MAR became applicable on 3 July 2016, the Dutch implementing legislation is yet not approved by the Dutch Parliament. This is expected after the summer recess of 2016, although earlier entry into force is theoretically possible if the House of Representatives agrees upon the text of the implementation on 7 July 2016 and the Dutch Senate on 12 July 2016.

The Dutch Decree implementing EU-Regulations regarding the Financial Markets entered into force on 3 July 2016. As a result, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the "AFM") is designated as the competent authority under the MAR in the Netherlands. In performing its supervision, the AFM cannot make use of the new powers and sanctions under the MAR, since these are not approved yet by Dutch Parliament. The AFM therefore must perform its supervision based on the 'old' legislation until the Dutch implementing legislation enters into force.

We list an overview of the relevant legislation applicable as of 3 July, including two European Commission Delegated Regulations that have been published on 30 June 2016. We have also listed information provided by the European Securities and Markets Authority and the AFM.

Regulations and Directive

As amended by:

Delegated Regulations of the European Commission including technical standards

Information published by ESMA

Documents published by the AFM (available in Dutch only)

The MAR in general 

Links to new AFM templates (e.g. insider transactions) and additional information about the MAR

Requirements with respect to the reporting of data of instruments, which is postponed

The publication of inside information and insider transactions

The whistle blower rules under the MAR