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Find out more about the application and structure of the MAR, market abuse offences and exemptions." /> <link rel="canonical" href="https://www.fca.org.uk/markets/market-abuse/regulation" /> <meta property="og:site_name" content="FCA" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://www.fca.org.uk/markets/market-abuse/regulation" /> <meta property="og:title" content="Market Abuse Regulation" /> <meta property="og:description" content="The Market Abuse Regulation (MAR) aims to increase market integrity and investor protection. Find out more about the application and structure of the MAR, market abuse offences and exemptions." /> <meta property="og:updated_time" content="2023-05-22T09:03:36+01:00" /> <meta property="article:published_time" content="2016-05-04T23:39:22+01:00" /> <meta property="article:modified_time" content="2023-05-22T09:03:36+01:00" /> <meta property="funnelback:type" content="Markets,Market abuse" /> <meta property="funnelback:published-year" content="2016" /> <meta property="funnelback:published-date" content="2016/05/03" /> <meta property="funnelback:category" content="Markets,Markets" /> <meta property="funnelback:modified-date" content="22/05/2023" /> <meta property="funnelback:date-of-release-year" content="2016" /> <meta property="funnelback:content-type" content="Markets" /> <meta property="funnelback:nid" content="8556" /> <meta property="funnelback:created-date" content="04/05/2016" /> <meta property="funnelback:published-int-date" content="20160503" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:site" content="@TheFCA" /> <meta name="twitter:title" content="Market Abuse Regulation" /> <meta name="twitter:description" content="The Market Abuse Regulation (MAR) aims to increase market integrity and investor protection. 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js-view-dom-id-887cd6eb14ab8e11ea03c7dd20e4c631a6cfb1507a8395eb6ce620d299e78628"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/about/how-we-operate/complain-about-regulators" hreflang="en">Complain about us, the PRA or the Bank of England (the regulators)</a></li> <li class="menu--item"><a href="/about/how-we-operate/corporate-responsibility" hreflang="en">Corporate responsibility</a></li> <li class="menu--item"><a href="/about/how-we-operate/diversity-equity-inclusion" hreflang="en">Diversity, equity and inclusion</a></li> <li class="menu--item"><a href="/about/how-we-operate/environmental-sustainability" hreflang="en">Environmental sustainability</a></li> <li class="menu--item"><a href="/about/how-we-operate/who-work-with" hreflang="en">Who we work with</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Who we are</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-fe4e0a3a4d5b77163f9388ac660742517c05f5fe9da6e87cbd7293499ec81127"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/about/who-we-are/chair" hreflang="en">Chair</a></li> <li class="menu--item"><a href="/about/who-we-are/chief-executive" hreflang="en">Chief Executive</a></li> <li class="menu--item"><a href="/about/who-we-are/committees" hreflang="en">Committees</a></li> <li class="menu--item"><a href="/about/who-we-are/executive-committees" hreflang="en">Executive committees</a></li> <li class="menu--item"><a href="/about/who-we-are/fca-board" hreflang="en">FCA Board</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Join us</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-78a571f8caf7f26a306907d877a2fb9ba362b1832fa1f6d4f634c99fb40c51a6"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/careers-home" hreflang="en">Careers home</a></li> <li class="menu--item"><a href="/careers/early-careers" hreflang="en">Early careers</a></li> <li class="menu--item"><a href="/careers/experienced-professionals" hreflang="en">Experienced professionals</a></li> </ul> </div> </div> </div> </div> </div> <div class="views-element-container form-group"><div class="megamenu-footer view view-megamenu-footer view-id-megamenu_footer view-display-id-block js-view-dom-id-09aae8031e3947830ea77b34ef85bff29dd375fa27bcdcad8d36372b7f635390"> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </li> <li class="tb-megamenu-item level-1 mega dropdown col-xs-12 col-sm-2 mega-menu__level-one-item mega-menu__firms"> <a href="/firms" class="dropdown-toggle mega-menu__level-one-link" data-drupal-link-system-path="node/2886">Firms</a> <div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_block_contextual dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="views-element-container form-group"><div class="megamenu-promo view view-megamenu-promo-content view-id-megamenu_promo_content view-display-id-block js-view-dom-id-41f8d3d14a8026fe3dd7b00c9a45d880acb1f0081562f5aff76d4b9462979bd1"> <h3 class="promo-block__title heading__underline">Firms overview</h3> <div class="view-content"> <div class="views-row"><div class="promo-block__copy"><p>Go to our dedicated section to see support for firms and our latest policy updates.</p> <p> </p> </div><a href="/firms" class="promo-block__read-more btn btn--arrow-right" aria-label="Firms overview - Find out more">Find out more</a></div> </div> </div> </div> <div class="megamenu-categories"> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><a href="/firms/authorisation" hreflang="en">Firm authorisation</a></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-6c22cb173bcac2eaf88f1b0d18b410db94a96809c405587ae1e8e732f4524bf0"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/authorisation" hreflang="en">Authorisation</a></li> <li class="menu--item"><a href="/firms/authorisation/cancel" hreflang="en">Cancelling an authorisation or registration</a></li> <li class="menu--item"><a href="/firms/check-if-firm-authorised" hreflang="en">Check if a firm is authorised</a></li> <li class="menu--item"><a href="/firms/authorisation/apply" hreflang="en">How to apply for authorisation or registration</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Regulated firms</span></h4><div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_firms_types js-view-dom-id-76bbd50f29c4f6ccaf1dedebfad016c6ced08731f9155a0bb82faa0d8fdaf23b dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="megamenu-categories"> <div class="item-list firms-types"> <ul> <li class="menu--item"><a href="/firms" hreflang="en">All firms</a></li> <li class="menu--item"><a href="/firms/claims-management-companies" hreflang="en">Claims management companies</a></li> <li class="menu--item"><a href="/firms/consumer-credit" hreflang="en">Consumer credit firms</a></li> <li class="menu--item"><a href="/firms/electronic-money-payment-institutions" hreflang="en">Electronic money and payment institutions</a></li> <li class="menu--item"><a href="/firms/funeral-plan-providers-intermediaries" hreflang="en">Funeral plan providers and intermediaries</a></li> <li class="menu--item"><a href="/firms/innovation" hreflang="en">Innovation Hub</a></li> <li class="menu--item"><a href="/firms/mutual-societies" hreflang="en">Mutual societies</a></li> </ul> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Tasks for firms</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-7347bfcba816798d231cab51c102b87ad156070a05c395a3ff04ac37022c1567"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/approved-persons" hreflang="en">Approved persons</a></li> <li class="menu--item"><a href="/firms/change-control" hreflang="en">Change in control</a></li> <li class="menu--item"><a href="/firms/fees" hreflang="en">Fees and levies</a></li> <li class="menu--item"><a href="/firms/firm-details" hreflang="en">Keeping your firm's details up to date</a></li> <li class="menu--item"><a href="/firms/appointed-representatives-principals" hreflang="en">Principals and appointed representatives </a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><a href="/firms/consumer-duty" hreflang="en">Focus areas</a></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-d4608839bf92882557966fb63b9727b75e946d056c35713043b9a076b8cd12c0"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/consumer-duty" hreflang="en">Consumer Duty</a></li> <li class="menu--item"><a href="/firms/cost-living-firm-information" hreflang="en">Cost of living: firm information</a></li> <li class="menu--item"><a href="/firms/cryptoassets-information" hreflang="en">Cryptoassets</a></li> <li class="menu--item"><a href="/firms/access-to-cash" hreflang="en">Helping people access cash</a></li> <li class="menu--item"><a href="/firms/regulatory-framework-reforms" hreflang="en">Regulatory framework reforms</a></li> <li class="menu--item"><a href="/firms/senior-managers-certification-regime" hreflang="en">Senior Managers and Certification Regime </a></li> </ul> </div> </div> </div> </div> </div> <div class="views-element-container form-group"><div class="megamenu-footer view view-megamenu-footer view-id-megamenu_footer view-display-id-block js-view-dom-id-5ba81bf1f1d6b67a59286290b4ef147c9d0344e41bd182b1bfe23011e01abd40"> <div class="view-content"> <div style="background-image: url(https://www.fca.org.uk/sites/default/files/styles/no_style/public/media/images/megamenu-banner-consumer-duty-350_78.jpg?itok=5eIJffZC);" class="megamenu-footer__image" > </div> <div class="views-row"><div class="megamenu-footer__copy"><p class="megamenu-footer__title">Consumer Duty </p> <p>We're hosting events to help firms prepare for the new rules. Sign up to hear about these and related communications.</p> </div><a href="/sign-consumer-duty-email-updates" class="megamenu-footer__read-more btn btn--arrow-right" aria-label="Consumer Duty - Sign up">Sign up</a></div> </div> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </li> <li class="active active-trail tb-megamenu-item level-1 mega dropdown col-xs-12 col-sm-2 mega-menu__level-one-item mega-menu__markets"> <a href="/markets" class="dropdown-toggle mega-menu__level-one-link active-trail" data-drupal-link-system-path="node/2891">Markets</a> <div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_block_contextual dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="views-element-container form-group"><div class="view view-megamenu-promo-content view-id-megamenu_promo_content view-display-id-block js-view-dom-id-37862db59a0c6e210929d3f1a0e3635490070e63c616970dc26a900a4306bfb1"> </div> </div> <div class="megamenu-categories"> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Primary markets</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-4f5efd09e29e47798d0a0d62b14a903922e09c18f7679aa21afa064b478b43bd"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/markets/primary-markets/forms" hreflang="en">Forms and checklists</a></li> <li class="menu--item"><a href="/markets/primary-markets/knowledge-base" hreflang="en">Knowledge Base</a></li> <li class="menu--item"><a href="/markets/primary-markets/listing-applications" hreflang="en">Listing applications and cancellations</a></li> <li class="menu--item"><a 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js-quickedit-main-content"> <section> <div class="highlighted"> <div class="region region-highlighted"> <div data-drupal-messages-fallback class="hidden"></div> </div> </div> <a id="main-content"></a> <div class="region region-content"> <div class="container container-header-- "> <div class="row row--relative"> <div data-history-node-id="8556" about="/markets/market-abuse/regulation" class="article-header col-xs-12 four-step-limit col-sm-9"> <h1 class="page-header"> <span>Market Abuse Regulation</span> </h1> <div class="article-meta " lang="en-GB" > <span class="pubdate">First published: <time datetime="2016-05-03T11:45:00Z">03/05/2016</time> </span> <span class="pubdate latest">Last updated: <span class="date">22/05/2023</span></span> <span class="revisions"><a href="#revisions">See all updates</a></span> </div> </div> </div> </div> <div class="container"> <div class="row"> <article data-history-node-id="8556" about="/markets/market-abuse/regulation" class="article-header col-xs-12 four-step-limit col-sm-9 has-sidebar clearfix article-content--markets"> <div class="node-content__wrapper node-content__wrapper--border"> <section class="copy-highlighted copy-block component fca-colour--6c1d45 fca-innovation"> <div class="container"> <p>The Market Abuse Regulation (MAR) aims to increase market integrity and investor protection. Find out more about the application and structure of the MAR, market abuse offences and exemptions.</p> </div> </section> <div class="rhn__on-this-page visible-xs rhn__on-this-page--markets"> <h3>On this page <img src="/themes/custom/fca/images/document-blue.svg" alt="document icon"></h3> <ul class="nav navbar-nav"><li><a href="#section-application-of-uk-mar">Application of UK MAR</a></li><li><a href="#section-structure-of-uk-mar">Structure of UK MAR</a></li><li><a href="#section-market-abuse-offences">Market abuse offences</a></li><li><a href="#section-exemptions">Exemptions</a></li><li><a href="#section-disclosures">Disclosures</a></li><li><a href="#section-uk-mar-and-uk-emission-trading-scheme">UK MAR and UK Emission Trading Scheme</a></li></ul> </div> <section class="copy-block fca-innovation"> <div class="container"> <div class="copy-block__call-out"><strong>Key onshoring changes to MAR</strong></div> <div class="copy-block__call-out">The main changes to UK MAR are to notifications for delaying the disclosure of inside information, notifications for transactions of persons discharging managerial responsibilities (PDMRs), and the reporting of STORs.  </div> <div class="copy-block__call-out">Read more about these changes in our <a href="/publications/newsletters/primary-market-bulletin-32">Primary Market Bulletin 32</a> and the temporary transitional power (TTP) <a href="/brexit/onshoring-temporary-transitional-power-ttp/key-requirements-firms">key requirements</a>. The bulletin also includes information on reporting requirements relating to exemptions for buy-back and stabilisation transactions.</div> <p> </p> <p>The EU Market Abuse Regulation (EU MAR) came into effect on 3 July 2016 and was onshored into UK law on 31 December 2020 by the European Union (Withdrawal) Act 2018. Changes to EU MAR were made by the <a href="https://www.legislation.gov.uk/uksi/2019/310/contents/made">Market Abuse Exit Regulations 2019</a>, to make sure that the onshored legislation (UK MAR) operates effectively in the UK.</p> <p>The <a href="https://ec.europa.eu/info/law/market-abuse-regulation-eu-no-596-2014/amending-and-supplementary-acts/implementing-and-delegated-acts_en">EU technical standards</a> for EU MAR were also onshored into UK law on 31 December 2020 by the EU (Withdrawal) Act 2018 and were amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a>.</p> <p>Changes to our Handbook were made by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_23.pdf">FCA 2019/23</a> in relation to the Market Conduct Sourcebook, and by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_26.pdf">FCA 2019/26</a> in relation to the Disclosure Guidance and Transparency Rules sourcebook.</p> <p>Further changes to UK MAR were made by <a href="https://www.legislation.gov.uk/uksi/2021/494/contents/made">The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021</a> to include the UK Emission Trading Scheme, with related changes to technical standards made by <a href="https://www.handbook.fca.org.uk/instrument/2021/FCA_2021_16.pdf">FCA/2021/16</a>. Changes to UK MAR were also made  by the <a href="https://www.legislation.gov.uk/ukpga/2021/22/contents/enacted">Financial Services Act 2021</a> in relation to insider lists and managers’ transaction (see section 30 of the Act). </p> <p>UK MAR aims to increase market integrity and investor protection, enhancing the attractiveness of securities markets for capital raising.</p> <p>It contains prohibitions of insider dealing, unlawful disclosure of inside information and market manipulation, and provisions to prevent and detect these.</p> <p>This page is designed to assist readers of our Handbook. It should not be regarded as an exhaustive list of relevant information sources. Firms, issuers and individuals in scope of UK MAR should review all the regulation and make sure they’re in compliance with all relevant provisions.</p> </div> </section> <section id="section-application-of-uk-mar" class="copy-block fca-innovation"> <div class="container"> <h2>Application of UK MAR</h2> <p>UK MAR applies to:</p> <ul> <li>financial instruments admitted to trading on a UK or an EU regulated market or for which a request for admission to trading on a UK or an EU regulated market has been made</li> <li>financial instruments traded on a UK or an EU multilateral trading facility (MTF), admitted to trading on a UK or an EU MTF, or for which a request for admission to trading on a UK or an EU MTF has been made</li> <li>financial instruments traded on a UK or an EU organised trading facility (OTF)</li> <li>financial instruments not covered by point (a), (b) or (c), the price or value of which depends on or has an effect on the price or value of a financial instrument referred to in those points, including, but not limited to, credit default swaps and contracts for difference</li> <li> emission allowances and related auction products as described in ‘UK MAR and UK Emissions Trading Scheme’ section below</li> </ul> </div> </section> <section id="section-structure-of-uk-mar" class="copy-block fca-innovation"> <div class="container"> <h2>Structure of UK MAR</h2> <p>UK MAR includes the following legislation, technical standards, and guidance:</p> <ul> <li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R0596&from=EN">EU Market Abuse Regulation</a> as amended by the <a href="https://www.legislation.gov.uk/uksi/2019/310/contents/made">Market Abuse Exit Regulations 2019 </a></li> <li><a href="https://www.handbook.fca.org.uk/techstandards">FCA Technical Standards</a> relating to UK MAR</li> <li><a href="https://www.esma.europa.eu/convergence/guidelines-and-technical-standards">ESMA Guidelines</a> and ESMA questions and answers that existed before the end of the transition period</li> <li>FCA guidance: <a href="https://www.handbook.fca.org.uk/handbook">FCA Handbook</a></li> </ul> </div> </section> <section class="expandable-content component fca-innovation"> <div class="nav nav-stacked component component--expandable" id="expandable1076316"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076311" aria-expanded="false"> <p> ESMA Guidelines </p> </a> <div id="expandable1076311" class="collapse"> <div class="expandable-body copy-block"> <p>ESMA Guidelines and Recommendations have not been incorporated into UK law. However, we expect firms and market participants to continue to apply Guidelines that existed before the end of the transition period, where relevant, as they did before the end of the transition period. </p> <p>These should be interpreted in light of the UK’s withdrawal from the EU, including the associated legislative changes that are being made to make sure the regulatory framework operates appropriately.  </p> <p>We shall also continue to apply such Guidelines and Recommendations in respect of our own functions in the same manner as before, interpreting them in light of the UK’s withdrawal from the EU. The following guidelines are mandated under EU MAR:</p> <ul> <li><a href="https://www.esma.europa.eu/sites/default/files/library/2016-1412_final_report_on_mar_guidelines_on_commodities.pdf">ESMA Guidelines on information relating to commodity derivatives markets or related spot markets, for the definition of inside information on commodity derivatives</a></li> </ul> <p>These guidelines set out a non-exhaustive indicative list of information which is reasonably expected or required to be disclosed on relevant commodity derivative and spot markets (and could therefore fall within the definition of inside information for commodity derivatives).</p> <ul> <li><a href="https://www.esma.europa.eu/sites/default/files/library/2016-1130_final_report_on_mar_guidelines.pdf">ESMA Guidelines on delay disclosure of inside informatio</a>n</li> </ul> <p>These guidelines set out a non-exhaustive indicative list of legitimate interests of issuers, and of situations in which delayed disclosure of inside information is likely to mislead the public.</p> <ul> <li><a href="https://www.esma.europa.eu/sites/default/files/library/2016-1130_final_report_on_mar_guidelines.pdf">ESMA Guidelines on market soundings</a></li> </ul> <p>The guidelines detail the factors, steps and appropriate records a person must consider when information is disclosed as part of the sounding regime.</p> </div> </div> </div> </div> </section> <section id="section-market-abuse-offences" class="copy-block fca-innovation"> <div class="container"> <h2>Market abuse offences</h2> </div> </section> <section class="expandable-content component fca-innovation"> <div class="nav nav-stacked component component--expandable" id="expandable1076346"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076326" aria-expanded="false"> <p> Inside information </p> </a> <div id="expandable1076326" class="collapse"> <div class="expandable-body copy-block"> <p>UK MAR sets out a definition of 'inside information' for financial instruments.</p> <p>UK MAR also sets out specific definitions for:</p> <ul> <li>commodity derivatives</li> <li>emission allowances and auction products based on these; and </li> <li>in relation to persons charged with the execution of orders concerning financial instruments, information conveyed by a client and relating to the client’s pending orders in financial instruments</li> </ul> <p>More information:</p> <ul> <li>UK MAR Article 7</li> <li><a href="https://www.esma.europa.eu/sites/default/files/library/2016-1412_final_report_on_mar_guidelines_on_commodities.pdf">ESMA Guidelines on commodity derivatives</a> (PDF)</li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/MAR/1/2.html">MAR 1.2</a>, <a href="https://www.handbook.fca.org.uk/handbook/DTR/2/2.html">DTR 2.2</a></li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076331" aria-expanded="false"> <p> Insider dealing and unlawful disclosure </p> </a> <div id="expandable1076331" class="collapse"> <div class="expandable-body copy-block"> <p>UK MAR sets out what constitutes insider dealing and the unlawful disclosure of inside information.</p> <p>UK MAR prohibits persons in possession of inside information from using that information to deal or attempt to deal in financial instruments or to recommend or induce another person to transact on the basis of inside information. The use of inside information to amend or cancel an existing order constitutes insider dealing.</p> <p>UK MAR sets out that unlawful disclosure of inside information is where a person possesses inside information and discloses that information to any other person, except where the disclosure is made in the normal exercise of employment, a profession, or duties.</p> <p>More information:</p> <ul> <li>UK MAR Article 8, UK MAR Article 9, UK MAR Article 10, UK MAR Article 14</li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/MAR/1/3.html">MAR 1.3</a>, <a href="https://www.handbook.fca.org.uk/handbook/MAR/1/4.html">MAR 1.4</a></li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076336" aria-expanded="false"> <p> Market soundings </p> </a> <div id="expandable1076336" class="collapse"> <div class="expandable-body copy-block"> <p>UK MAR sets out a framework to make legitimate disclosures of inside information during market soundings. Provided certain requirements are met, disclosing market participants are protected from an allegation of unlawful disclosure of inside information.</p> <p>More information:</p> <ul> <li>UK MAR Article 11</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0960&from=EN">Delegated Regulation 2016/960</a> and <a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0959&qid=1479302138519&from=en">Delegated Regulation 2016/959</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>)</li> <li><a href="https://www.esma.europa.eu/sites/default/files/library/2016-1130_final_report_on_mar_guidelines.pdf">ESMA Guidelines on market soundings and delay disclosure of inside information</a> (PDF)</li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076341" aria-expanded="false"> <p> Market manipulation </p> </a> <div id="expandable1076341" class="collapse"> <div class="expandable-body copy-block"> <p>UK MAR defines and prohibits market manipulation. This offence captures attempted manipulation, benchmarks and, in some situations, spot commodity contracts.</p> <p>More information:</p> <ul> <li>UK MAR Article 12, UK MAR Article 15, UK MAR Annex I</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0522&from=EN">Delegated Regulation 2016/522</a> as amended by the <a href="https://www.legislation.gov.uk/uksi/2019/310/contents/made">Market Abuse Exit Regulations 2019</a></li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/MAR/1/6.html">MAR 1.6</a>, <a href="https://www.handbook.fca.org.uk/handbook/MAR/1/7.html">MAR 1.7</a>, <a href="https://www.handbook.fca.org.uk/handbook/MAR/1/8.html">MAR 1.8</a></li> </ul> </div> </div> </div> </div> </section> <section id="section-exemptions" class="copy-block fca-innovation"> <div class="container"> <h2>Exemptions</h2> </div> </section> <section class="expandable-content component fca-innovation"> <div class="nav nav-stacked component component--expandable" id="expandable1076431"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076421" aria-expanded="false"> <p> Buy-back programmes and stabilisation measures </p> </a> <div id="expandable1076421" class="collapse"> <div class="expandable-body copy-block"> <p>Providing certain requirements are met, trading in securities or associated instruments for the stabilisation of securities, or trading in own shares in buy-back programmes, are exempt from the prohibitions against market abuse.</p> <p>For buy-back programmes, where the shares have been admitted to trading or are traded on a UK trading venue, issuers should report to us each transaction relating to the buy-back programme (including those transactions that do not take place on a UK trading venue). For buy-back programmes, where the shares have been admitted to trading or are traded on a EU trading venue, issuers should report to us or the relevant EU competent authority, depending on where the shares have been admitted to trading or are traded.</p> <p>For stabilisations, where the securities are traded on a UK trading venue, issuers, offerors, or entities undertaking the stabilisation, should continue to report all stabilisation transactions to us (including those transactions that do not take place on a UK trading venue). Where the securities are traded on an EU trading venue, issuers, offerors, or entities undertaking the stabilisation, should continue to report to the EU competent authority of the trading venue in accordance with EU MAR.</p> <p>You should email notifications for both stabilisation and buy-back programme activity to <a href="/cdn-cgi/l/email-protection#b0c3c4d1d2d9dcd9c3d1c4d9dfdef0d6d3d19edfc2d79ec5db"><span class="__cf_email__" data-cfemail="bdcec9dcdfd4d1d4cedcc9d4d2d3fddbdedc93d2cfda93c8d6">[email protected]</span></a>.</p> <p>We have the following templates that issuers or firms submitting on behalf of an issuer may use when notifying us:</p> <ul> <li><a href="/publication/documents/buy-back-submission-template_0.xlsx">buy-back programme template</a> (XLSX)</li> <li><a href="/publication/documents/stabilisation-template.xls">stabilisation template</a> (XLS)</li> </ul> <p>You do not have to follow these templates.</p> <p>More information:</p> <ul> <li>UK MAR Article 5</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1052&from=EN">Delegated Regulation 2016/1052</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>)</li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076426" aria-expanded="false"> <p> Accepted market practices (AMPs) </p> </a> <div id="expandable1076426" class="collapse"> <div class="expandable-body copy-block"> <p>The prohibition of market manipulation doesn’t apply to activities referred to in UK MAR Article 12(1)(a) provided that the person entering into a transaction, placing an order to trade, or engaging in any other behaviour establishes that such transaction, order or behaviour has been carried out for legitimate reasons, and conforms with an AMP. </p> <p>We are able to establish an AMP, subject to certain criteria and conditions, in relation to the UK market. However, we have not currently established any such AMPs, and there are no EU AMPs that apply to UK markets.</p> <p>More information:</p> <ul> <li>UK MAR Article 13</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0908&from=EN">Delegated Regulation 2016/908</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> and <a href="https://www.handbook.fca.org.uk/instrument/2021/FCA_2021_16.pdf">FCA/2021/16</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>)</li> </ul> </div> </div> </div> </div> </section> <section id="section-disclosures" class="copy-block fca-innovation"> <div class="container"> <h2>Disclosures</h2> </div> </section> <section class="expandable-content component fca-innovation"> <div class="nav nav-stacked component component--expandable" id="expandable1076466"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076441" aria-expanded="false"> <p> Disclosure and delaying disclosure of inside information </p> </a> <div id="expandable1076441" class="collapse"> <div class="expandable-body copy-block"> <p>The following entities are required under UK MAR to publicly disclose inside information which directly concerns them as soon as possible, but can delay the disclosure if certain conditions are met:</p> <ul> <li>issuers who have requested or approved admission of their financial instruments to trading on a UK regulated market;</li> <li>in the case of instruments only traded on a UK MTF or on a UK OTF, issuers who have approved trading of their financial instruments on a UK MTF or a UK OTF or have requested admission to trading of their financial instruments on a UK MTF; and</li> <li>UK emission allowance market participants (EAMPs) </li> </ul> <p>Such issuers must notify us after delaying disclosure of inside information. They don’t need to provide a written explanation setting out how the relevant conditions for delaying disclosure were met, but should keep appropriate records in case we request this.</p> <p>Where financial institutions and credit institutions intend to delay disclosure due to financial stability concerns, they must satisfy a number of conditions, including requesting and receiving our consent to delay to disclose. Financial institutions and credit institutions should call the emergency line on 020 7066 8354 for such delayed disclosures.</p> <p>See the <a href="https://marketoversight.fca.org.uk/electronicsubmissionsystem/MaPo_DDII_Introduction">delay disclosure notification form</a> and a <a href="/publication/forms/delayed-disclosure-form-guide.pdf">guide to completing it</a>.</p> <p>More information:</p> <ul> <li>UK MAR Article 17</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1055&from=EN">Implementing Regulation 2016/1055</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> and <a href="https://www.handbook.fca.org.uk/instrument/2021/FCA_2021_16.pdf">FCA/2021/16</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>) </li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0522&rid=1">Delegated Regulation 2016/522</a> as amended by the <a href="https://www.legislation.gov.uk/uksi/2019/310/contents/made">Market Abuse Exit Regulations 2019 </a></li> <li><a href="https://www.esma.europa.eu/sites/default/files/library/2016-1130_final_report_on_mar_guidelines.pdf">ESMA Guidelines on market sounding and delayed disclosure of inside information</a> (PDF)</li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/DTR/2/">DTR 2</a></li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076446" aria-expanded="false"> <p> Insider lists </p> </a> <div id="expandable1076446" class="collapse"> <div class="expandable-body copy-block"> <p>The following entities are required under UK MAR to maintain a list of all persons who have access to inside information and who are working for them or otherwise performing tasks through which they have access to inside information:</p> <ul> <li>issuers who have requested or approved admission of their financial instruments to trading on a UK regulated market;</li> <li>in the case of instruments only traded on a UK MTF or on a UK OTF, issuers who have approved trading of their financial instruments on a UK MTF or a UK OTF or have requested admission to trading of their financial instruments on a UK MTF; and</li> <li>Persons acting on the behalf or on the account of the issuer; and</li> <li>UK EAMPs</li> </ul> <p>Such entities are required to transmit their insider lists to us on request.</p> <p>More information:</p> <ul> <li>UK MAR Article 18 as amended by the <a href="https://www.legislation.gov.uk/ukpga/2021/22/contents/enacted">Financial Services Act 2021</a> in relation to insider lists (see section 30); and</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0347&from=EN">Implementing Regulation 2016/347</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> and <a href="https://www.handbook.fca.org.uk/instrument/2021/FCA_2021_16.pdf">FCA 2021/16</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>)</li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076451" aria-expanded="false"> <p> Suspicious transaction and order reports (STORs) </p> </a> <div id="expandable1076451" class="collapse"> <div class="expandable-body copy-block"> <p>UK trading venues must detect and report suspicious transactions and orders to us without delay via STORs.</p> <p>Firms (and individuals) who are persons professionally arranging or executing transactions, must also detect and report suspicious transactions and orders to us without delay via STORs. Such persons are required to report STORs to us where they are registered or have their head office in the UK or, in the case of a branch, where the branch is situated in the UK. <a href="/markets/market-abuse/how-report-suspected-market-abuse-firm-or-trading-venue">Find out how to submit a STOR.</a></p> <p>More information:</p> <ul> <li>UK MAR Article 16</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0957&from=EN">Delegated Regulation 2016/957</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>)</li> <li>ESMA Q&As</li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/SUP/15/10.html">SUP 15.10</a></li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076456" aria-expanded="false"> <p> Managers’ transactions </p> </a> <div id="expandable1076456" class="collapse"> <div class="expandable-body copy-block"> <p>UK MAR Article 19 requires persons discharging managerial responsibilities within certain issuers (PDMRs), and persons closely associated with them (PCAs), to notify us and the issuer of relevant personal transactions they undertake in the issuer’s shares, debt instruments, derivatives, or other linked financial instruments, if the total amount of transactions per calendar year has reached €5,000. The issuer in turn must make that information public within 2 working days of receipt of the notification from the PDMR.</p> <p>This requirement applies to:</p> <ul> <li>issuers who have requested or approved admission of their financial instruments to trading on a UK regulated market</li> <li>in the case of instruments only traded on a UK MTF or on a UK OTF, issuers who have approved trading of their financial instruments on a UK MTF or a UK OTF or have requested admission to trading of their financial instruments on a UK MTF</li> <li>UK EAMPs in relation to transactions in UK emission allowances and related auction products and derivatives</li> </ul> <p paraeid="{e418c633-a7d7-49a0-a853-8116c7c92f5e}{208}" paraid="2007485244">PDMRs and PCAs for those issuers above are only required to notify under Article 19 when they deal in shares or debt instruments of that issuer, or to derivatives or other financial instruments linked thereto, which are within scope of UK MAR. </p> <p>Dealing in instruments that do not fall into these categories does not need to be notified under Article 19.</p> <p>PDMRs and PCAs should notify the issuer and the FCA within three working days of the date of the transaction. The issuer should disclose to the public within two working days of receiving the notification from the PDMR and PCA. PDMRs within issuers are also prohibited from conducting certain personal transactions during a closed period. The interpretation of the application of the closed periods around preliminary results is clarified in 7.9 of <a href="https://www.esma.europa.eu/sites/default/files/library/esma70-145-111_qa_on_mar.pdf">ESMA’s questions and answers on EU MAR</a>. See the <a href="https://marketoversight.fca.org.uk/electronicsubmissionsystem/MaPo_PDMR_Introduction">PDMR notification form</a> and a <a href="/publication/forms/pdmr-form-guide.pdf">guide to completing it</a>.</p> <p>More information:</p> <ul> <li>UK MAR Article 19 as amended by the <a href="https://www.legislation.gov.uk/ukpga/2021/22/contents/enacted">Financial Services Act 2021</a> in relation to managers’ transactions (see section 30); </li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0522&rid=1">Delegated Regulation 2016/522</a> as amended by the <a href="https://www.legislation.gov.uk/uksi/2019/310/contents/made">Market Abuse Exit Regulations 2019 </a></li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0523&from=EN">Implementing Regulation 2016/523</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> and <a href="https://www.handbook.fca.org.uk/instrument/2021/FCA_2021_16.pdf">FCA/2021/16</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>) </li> <li>ESMA Q&As</li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/DTR/3/1.html">DTR 3.1</a></li> </ul> </div> </div> </div> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076461" aria-expanded="false"> <p> Investment recommendations </p> </a> <div id="expandable1076461" class="collapse"> <div class="expandable-body copy-block"> <p>Persons producing or providing investment recommendations must make sure information is objectively presented and disclose any conflicts of interest.</p> <p>More information:</p> <ul> <li>UK MAR Article 20</li> <li><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0958&from=EN">Delegated Regulation 2016/958</a> as amended by <a href="https://www.handbook.fca.org.uk/instrument/2019/FCA_2019_45.pdf">FCA 2019/45</a> (see the <a href="https://www.handbook.fca.org.uk/techstandards">amended version</a>)</li> <li>ESMA Q&As</li> <li>FCA Handbook: <a href="https://www.handbook.fca.org.uk/handbook/COBS/12/4.html">COBS 12.4</a></li> </ul> </div> </div> </div> </div> </section> <section id="section-uk-mar-and-uk-emission-trading-scheme" class="copy-block fca-innovation"> <div class="container"> <h2>UK MAR and UK Emission Trading Scheme</h2> <p>The Government implemented a new UK Emission Trading Scheme (UK ETS) on 1 January 2021. </p> <p>Changes were made to UK MAR by <a href="https://www.legislation.gov.uk/uksi/2021/494/contents/made">The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021</a> to include the UK ETS. UK MAR applies to behaviours or transactions, including bids, relating to the auctioning of emission allowances or other products based thereon on an auction platform recognised under the UK Recognised Auction Platforms Regulations 2011.  </p> <p>UK EAMPs are subject to requirements to disclose inside information, maintain insider lists, and to notify persons discharging managerial responsibilities transactions for UK and, in certain circumstances, EU emission allowances. Broadly, a UK EAMP is a person who enters transactions or places orders, directly or indirectly, in UK emission allowances and who has emissions or rated thermal input related to their UK installations and activities under the UK ETS, which exceed either of the minimum thresholds referred to in UK MAR.  </p> <p>Requirements relating to insider lists and persons discharging managerial responsibilities transactions also apply to auction platforms and auctioneers involved in the auctions held under the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021.</p> </div> </section> <section class="expandable-content component fca-innovation"> <div class="nav nav-stacked component component--expandable" id="expandable1076481"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable1076476" aria-expanded="false"> <p> More Information </p> </a> <div id="expandable1076476" class="collapse"> <div class="expandable-body copy-block"> <ul> <li>UK MAR Articles 2, 3, 7, 17, 18, 19 as amended by <a href="https://www.legislation.gov.uk/uksi/2021/494/contents/made">The Recognised Auction Platforms (Amendment and Miscellaneous) Regulations 2021 </a></li> <li>Delegated Regulation 2016/522 as amended by T<a href="https://www.legislation.gov.uk/uksi/2021/494/contents/made">he Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 </a></li> <li>Technical Standards 2016/347, 2016/523, 2016/908 and 2016/1055 as amended by <a href="https://www.handbook.fca.org.uk/instrument/2021/FCA_2021_16.pdf">FCA/2021/16</a></li> </ul> </div> </div> </div> </div> </section> <div class="node_view"></div> <div id="revisions" class="page-revisions container"> <button class="h3 page-revisions__title" aria-expanded="false">Page updates</button> <div class="view view-page-update-revision-logs view-id-page_update_revision_logs view-display-id-revision_log 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