+REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Text with EEA relevance)
---+CHAPTER 1 GENERAL PROVISIONS
------+Article 1 Subject matter
------+Article 2 Scope
---------+Article 2 1.
---------+Article 2 2.
---------+Article 2 3.
---------+Article 2 4.
------+Article 3 Definitions
---------+Article 3 1.
---------+Article 3 2.
------+Article 4 Notifications and list of financial instruments
---------+Article 4 1.
---------+Article 4 2.
---------+Article 4 3.
---------+Article 4 4.
---------+Article 4 5.
------+Article 5 Exemption for buy-back programmes and stabilisation
---------+Article 5 1.
---------+Article 5 2.
---------+Article 5 3.
---------+Article 5 4.
---------+Article 5 5.
---------+Article 5 6.
------+Article 6 Exemption for monetary and public debt management activities and climate policy activities
---------+Article 6 1.
---------+Article 6 2.
---------+Article 6 3.
---------+Article 6 4.
---------+Article 6 5.
---------+Article 6 6.
---------+Article 6 7.
---+CHAPTER 2 INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION
------+Article 7 Inside information
---------+Article 7 1.
---------+Article 7 2.
---------+Article 7 3.
---------+Article 7 4.
---------+Article 7 5.
------+Article 8 Insider dealing
---------+Article 8 1.
---------+Article 8 2.
---------+Article 8 3.
---------+Article 8 4.
---------+Article 8 5.
------+Article 9 Legitimate behaviour
---------+Article 9 1.
---------+Article 9 2.
---------+Article 9 3.
---------+Article 9 4.
---------+Article 9 5.
---------+Article 9 6.
------+Article 10 Unlawful disclosure of inside information
---------+Article 10 1.
---------+Article 10 2.
------+Article 11 Market soundings
---------+Article 11 1.
---------+Article 11 1a.
---------+Article 11 2.
---------+Article 11 3.
---------+Article 11 4.
---------+Article 11 6.
---------+Article 11 7.
---------+Article 11 8.
---------+Article 11 9.
---------+Article 11 10.
---------+Article 11 11.
------+Article 12 Market manipulation
---------+Article 12 1.
---------+Article 12 2.
---------+Article 12 3.
---------+Article 12 4.
---------+Article 12 5.
------+Article 13 Accepted market practices
---------+Article 13 1.
---------+Article 13 2.
---------+Article 13 3.
---------+Article 13 4.
---------+Article 13 5.
---------+Article 13 6.
---------+Article 13 7.
---------+Article 13 8.
---------+Article 13 9.
---------+Article 13 10.
---------+Article 13 11.
---------+Article 13 12.
---------+Article 13 13.
------+Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information
------+Article 15 Prohibition of market manipulation
------+Article 16 Prevention and detection of market abuse
---------+Article 16 1.
---------+Article 16 2.
---------+Article 16 3.
---------+Article 16 4.
---------+Article 16 5.
---+CHAPTER 3 DISCLOSURE REQUIREMENTS
------+Article 17 Public disclosure of inside information
---------+Article 17 1.
---------+Article 17 1a.
---------+Article 17 2.
---------+Article 17 3.
---------+Article 17 4.
---------+Article 17 4a.
---------+Article 17 5.
---------+Article 17 6.
---------+Article 17 7.
---------+Article 17 8.
---------+Article 17 9.
---------+Article 17 10.
---------+Article 17 11.
---------+Article 17 12.
------+Article 18 Insider lists
---------+Article 18 1.
---------+Article 18 2.
---------+Article 18 3.
---------+Article 18 4.
---------+Article 18 5.
---------+Article 18 6.
---------+Article 18 7.
---------+Article 18 8.
---------+Article 18 9.
------+Article 19 Managers’ transactions
---------+Article 19 1.
---------+Article 19 1a.
---------+Article 19 2.
---------+Article 19 3.
---------+Article 19 4.
---------+Article 19 5.
---------+Article 19 6.
---------+Article 19 7.
---------+Article 19 8.
---------+Article 19 9.
---------+Article 19 10.
---------+Article 19 11.
---------+Article 19 12.
---------+Article 19 12a.
---------+Article 19 13.
---------+Article 19 14.
---------+Article 19 15.
------+Article 20 Investment recommendations and statistics
---------+Article 20 1.
---------+Article 20 2.
---------+Article 20 3.
------+Article 21 Disclosure or dissemination of information in the media
------+Article 21a Accessibility of information on the European single access point
---------+Article 21a 1.
---------+Article 21a 2.
---------+Article 21a 3.
---------+Article 21a 4.
---------+Article 21a 5.
---------+Article 21a 6.
---------+Article 21a 7.
---+CHAPTER 4 ESMA AND COMPETENT AUTHORITIES
------+Article 22 Competent authorities
------+Article 23 Powers of competent authorities
---------+Article 23 1.
---------+Article 23 2.
---------+Article 23 3.
---------+Article 23 4.
------+Article 24 Cooperation with ESMA
---------+Article 24 1.
---------+Article 24 2.
---------+Article 24 3.
------+Article 25 Obligation to cooperate
---------+Article 25 1.
---------+Article 25 1a.
---------+Article 25 2.
---------+Article 25 3.
---------+Article 25 4.
---------+Article 25 5.
---------+Article 25 6.
---------+Article 25 7.
---------+Article 25 8.
---------+Article 25 9.
------+Article 25a Mechanism to exchange order data
---------+Article 25a 1.
---------+Article 25a 2.
---------+Article 25a 3.
---------+Article 25a 4.
---------+Article 25a 5.
---------+Article 25a 6.
---------+Article 25a 7.
---------+Article 25a 8.
---------+Article 25a 9.
------+Article 25b Collaboration platforms
---------+Article 25b 1.
---------+Article 25b 2.
---------+Article 25b 3.
------+Article 26 Cooperation with third countries
---------+Article 26 1.
---------+Article 26 2.
---------+Article 26 3.
------+Article 27 Professional secrecy
---------+Article 27 1.
---------+Article 27 2.
---------+Article 27 3.
------+Article 29 Disclosure of personal data to third countries
---------+Article 29 1.
---------+Article 29 2.
---+CHAPTER 5 ADMINISTRATIVE MEASURES AND SANCTIONS
------+Article 30 Administrative sanctions and other administrative measures
---------+Article 30 1.
---------+Article 30 2.
---------+Article 30 3.
---------+Article 30 4.
------+Article 31 Exercise of supervisory powers and imposition of sanctions
---------+Article 31 1.
---------+Article 31 2.
------+Article 32 Reporting of infringements
---------+Article 32 1.
---------+Article 32 2.
---------+Article 32 3.
---------+Article 32 4.
---------+Article 32 5.
------+Article 33 Exchange of information with ESMA
---------+Article 33 1.
---------+Article 33 2.
---------+Article 33 3.
---------+Article 33 4.
---------+Article 33 5.
------+Article 34 Publication of decisions
---------+Article 34 1.
---------+Article 34 2.
---------+Article 34 3.
---+CHAPTER 6 DELEGATED ACTS AND IMPLEMENTING ACTS
------+Article 35 Exercise of the delegation
---------+Article 35 1.
---------+Article 35 2.
---------+Article 35 3.
---------+Article 35 4.
---------+Article 35 5.
------+Article 36 Committee procedure
---------+Article 36 1.
---------+Article 36 2.
---+CHAPTER 7 FINAL PROVISIONS
------+Article 37 Repeal of Directive 2003/6/EC and its implementing measures
------+Article 38 Reports
------+Article 39 Entry into force and application
---------+Article 39 1.
---------+Article 39 2.
---------+Article 39 3.
---------+Article 39 4.
---+ANNEX I
---+ANNEX II
 English - European Union - Financial Industry -

REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Text with EEA relevance)

REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 16 April 2014

on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC

(Text with EEA relevance)

This Regulation shall be binding in its entirety and directly applicable in all Member States.

1. Przegląd

,
CHAPTER 1 GENERAL PROVISIONS CHAPTER 1 GENERAL PROVISIONS
CHAPTER 2 INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION CHAPTER 2 INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION
CHAPTER 3 DISCLOSURE REQUIREMENTS CHAPTER 3 DISCLOSURE REQUIREMENTS
CHAPTER 4 ESMA AND COMPETENT AUTHORITIES CHAPTER 4 ESMA AND COMPETENT AUTHORITIES
CHAPTER 5 ADMINISTRATIVE MEASURES AND SANCTIONS CHAPTER 5 ADMINISTRATIVE MEASURES AND SANCTIONS
CHAPTER 6 DELEGATED ACTS AND IMPLEMENTING ACTS CHAPTER 6 DELEGATED ACTS AND IMPLEMENTING ACTS
CHAPTER 7 FINAL PROVISIONS CHAPTER 7 FINAL PROVISIONS
ANNEX I



ANNEX I

A.    Indicators of manipulative behaviour relating to false or misleading signals and to price securing

For the purposes of applying point (a) of Article 12(1) of this Regulation, and without prejudice to the forms of behaviour set out in paragraph 2 of that Article, the following non-exhaustive indicators, which shall not necessarily be deemed, in themselves, to constitute market manipulation, shall be taken into account when transactions or orders to trade are examined by market participants and competent authorities:

(a) 

the extent to which orders to trade given or transactions undertaken represent a significant proportion of the daily volume of transactions in the relevant financial instrument, related spot commodity contract, or auctioned product based on emission allowances, in particular when those activities lead to a significant change in their prices;

(b) 

the extent to which orders to trade given or transactions undertaken by persons with a significant buying or selling position in a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, lead to significant changes in the price of that financial instrument, related spot commodity contract, or auctioned product based on emission allowances;

(c) 

whether transactions undertaken lead to no change in beneficial ownership of a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances;

(d) 

the extent to which orders to trade given or transactions undertaken or orders cancelled include position reversals in a short period and represent a significant proportion of the daily volume of transactions in the relevant financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, and might be associated with significant changes in the price of a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances;

(e) 

the extent to which orders to trade given or transactions undertaken are concentrated within a short time span in the trading session and lead to a price change which is subsequently reversed;

(f) 

the extent to which orders to trade given change the representation of the best bid or offer prices in a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, or more generally the representation of the order book available to market participants, and are removed before they are executed; and

(g) 

the extent to which orders to trade are given or transactions are undertaken at or around a specific time when reference prices, settlement prices and valuations are calculated and lead to price changes which have an effect on such prices and valuations.

B.    Indicators of manipulative behaviour relating to the employment of a fictitious device or any other form of deception or contrivance

For the purposes of applying point (b) of Article 12(1) of this Regulation, and without prejudice to the forms of behaviour set out in paragraph 2 of that Article thereof, the following non-exhaustive indicators, which shall not necessarily be deemed, in themselves, to constitute market manipulation, shall be taken into account where transactions or orders to trade are examined by market participants and competent authorities:

(a) 

whether orders to trade given or transactions undertaken by persons are preceded or followed by dissemination of false or misleading information by the same persons or by persons linked to them; and

(b) 

whether orders to trade are given or transactions are undertaken by persons before or after the same persons or persons linked to them produce or disseminate investment recommendations which are erroneous, biased, or demonstrably influenced by material interest.
ANNEX II



ANNEX II



Correlation table

This Regulation

Directive 2003/6/EC

Article 1

 

Article 2

 

Article 2(1)(a)

Article 9, first paragraph

Article 2(1)(b)

 

Article 2(1)(c)

 

Article 2(1)(d)

Article 9, second paragraph

Article 2(3)

Article 9, first paragraph

Article 2(4)

Article 10 (a)

Point (1) of Article 3(1)

Article 1(3)

Point (2) of Article 3(1)

 

Point (3) of Article 3(1)

 

Point (4) of Article 3(1)

 

Point (5) of Article 3(1)

 

Point (6) of Article 3(1)

Article 1(4)

Point (7) of Article 3(1)

 

Point (8) of Article 3(1)

 

Point (9) of Article 3(1)

Article 1(5)

Point (10) of Article 3(1)

 

Point (11) of Article 3(1)

 

Point (12) of Article 3(1)

Article 1(7)

Point (13) of Article 3(1)

Article 1(6)

Points (14) to (35) of Article 3(1)

 

Article 4

 

Article 5

Article 8

Article 6(1)

Article 7

Article 6(2)

 

Article 6(3)

 

Article 6(4)

 

Article 6(5)

 

Article 6(6)

 

Article 6(7)

 

Article 7(1)(a)

Article 1(1), first paragraph

Article 7(1)(b)

Article 1(1), second paragraph

Article 7(1)(c)

 

Article 7(1)(d)

Article 1(1), third paragraph

Article 7(2)

 

Article 7(3)

 

Article 7(4)

 

Article 7(5)

 

Article 8(1)

Article 2(1), first subparagraph

Article 8(2)

 

Article 8(2)(a)

Article 3(b)

Article 8(2)(b)

 

Article 8(3)

 

Article 8(4)(a)

Article 2(1)(a)

Article 8(4)(b)

Article 2(1)(b)

Article 8(4)(c)

Article 2(1)(c)

Article 8(4)(d)

Article 2(1)(d)

Article 8(4), second subparagraph

Article 4

Article 8(5)

Article 2(2)

Article 9(1)

 

Article 9(2)

 

Article 9(3)(a)

Article 2(3)

Article 9(3)(b)

Article 2(3)

Article 9(4)

 

Article 9(5)

 

Article 9(6)

 

Article 10(1)

Article 3(a)

Article 10(2)

 

Article 11

 

Article 12(1)

 

Article 12(1)(a)

Article 1(2)(a)

Article 12(1)(b)

Article 1(2)(b)

Article 12(1)(c)

Article 1(2)(c)

Article 12(1)(d)

 

Article 12(2)(a)

Article 1(2), first indent of second paragraph

Article 12(2)(b)

Article 1(2), second indent of second paragraph

Article 12(2)(c)

 

Article 12(2)(d)

Article 1(2), third indent of second paragraph

Article 12(2)(e)

 

Article 12(3)

 

Article 12(4)

 

Article 12(5)

Article 1(2), third paragraph

Article 13(1)

Article 1(2)(a), second paragraph

Article 13(1)

 

Article 13(2)

 

Article 13(3)

 

Article 13(4)

 

Article 13(5)

 

Article 13(6)

 

Article 13(7)

 

Article 13(8)

 

Article 13(9)

 

Article 13(10)

 

Article 13(11)

 

Article 14(a)

Article 2(1), first paragraph

Article 14(b)

Article 3(b)

Article 14(c)

Article 3(a)

Article 15

Article 5

Article 16(1)

Article 6(6)

Article 16(2)

Article 6(9)

Article 16(3)

 

Article 16(4)

 

Article 16(5)

Article 6(10), seventh indent

Article 17(1)

Article 6(1)

Article 17(1), third subparagraph

Article 9, third paragraph

Article 17(2)

 

Article 17(3)

 

Article 17(4)

Article 6(2)

Article 17(5)

 

Article 17(6)

 

Article 17(7)

 

Article 17(8)

Article 6(3), first and second subparagraph

Article 17(9)

 

Article 17(10)

Article 6(10), first and second indent

Article 17(11)

 

Article 18(1)

Article 6(3), third subparagraph

Article 18(2)

 

Article 18(3)

 

Article 18(4)

 

Article 18(5)

 

Article 18(6)

 

Article 18(7)

Article 9, third paragraph

Article 18(8)

 

Article 18(9)

Article 6(10), fourth indent

Article 19(1)

Article 6(4)

Article 19(1)(a)

Article 6(4)

Article 19(1)(b)

 

Article 19(2)

 

Article 19(3)

 

Article 19(4)(a)

 

Article 19(4)(b)

 

Article 19(5) to (13)

 

Article 19(14)

Article 6(10), fifth indent

Article 19(15)

Article 6(10), fifth indent

Article 20(1)

Article 6(5)

Article 20(2)

Article 6(8)

Article 20(3)

Article 6(10), sixth indent and Article 6(11)

Article 21

Article 1(2)(c), second sentence

Article 22

Article 11, first paragraph and Article 10

Article 23(1)

Article 12(1)

Article 23(1)(a)

Article 12(1)(a)

Article 23(1)(b)

Article 12(1)(b)

Article 23(1)(c)

Article 12(1)(c)

Article 23(1)(d)

Article 12(1)(d)

Article 23(2)(a)

Article 12(2)(a)

Article 23(2)(b)

Article 12(2)(b)

Article 23(2)(c)

 

Article 23(2)(d)

Article 12(2)(c)

Article 23(2)(e)

 

Article 23(2)(f)

 

Article 23(2)(g)

Article 12(2)(d)

Article 23(2)(h)

Article 12(2)(d)

Article 23(2)(i)

Article 12(2)(g)

Article 23(2)(j)

Article 12(2)(f)

Article 23(2)(k)

Article 12(2)(e)

Article 23(2)(l)

Article 12(2)(h)

Article 23(2)(m)

Article 6(7)

Article 23(3)

 

Article 23(4)

 

Article 24(1)

Article 15a(1)

Article 24(2)

Article 15a(2)

Article 24(3)

 

Article 25(1) first subparagraph

Article 16(1)

Article 25(2)

Article 16(2) and Article 16(4), fourth subparagraph

Article 25(2)(a)

Article 16(2), first indent of second subparagraph and Article 16(4) fourth subparagraph

Article 25(2)(b)

 

Article 25(2)(c)

Article 16(2), second indent of second subparagraph and Article 16(4), fourth subparagraph

Article 25(2)(d)

Article 16(2) third indent of second subparagraph and Article 16(4) fourth subparagraph

Article 25(3)

 

Article 25(4)

Article 16(2), first sentence

Article 25(5)

Article 16(3)

Article 25(6)

Article 16(4)

Article 25(7)

Article 16(2), fourth subparagraph and Article 16(4), fourth subparagraph

Article 25(8)

 

Article 25(9)

Article 16(5)

Article 26

 

Article 27(1)

 

Article 27(2)

 

Article 27(3)

Article 13

Article 28

 

Article 29

 

Article 30(1) first subparagraph

Article 14(1)

Article 30(1)(a)

 

Article 30(1)(b)

Article 14(3)

Article 30(2)

 

Article 30(3)

 

Article 31

 

Article 32

 

Article 33(1)

Article 14(5), first subparagraph

Article 33(2)

 

Article 33(3)

Article 14(5), second subparagraph

Article 33(4)

Article 14(5), third subparagraph

Article 33(5)

 

Article 34(1)

Article 14(4)

Article 34(2)

 

Article 34(3)

 

Article 35

 

Article 36(1)

Article 17(1)

Article 36(2)

 

Article 37

Article 20

Article 38

 

Article 39

Article 21

Annex

 

1.1 Odwołania

1.2 Zidentyfikowane wymagania

1.3 Powiązane normy

2. Zidentyfikowane wymagania

Wymagania

3. Powiązane normy

Normy

Powiązane zgłoszenia

Powiązania
is related to Imported: Marktmissbrauchsverordnung (MAR) (CELEX:02014R0596-20260605)