Knowledge Base
Preserve market integrity
What is the role of a monitoring system compliant with Article 16.2 of the MAR regulation?
A monitoring system compliant with Article 16.2 of the MAR regulation includes mandatory and regular training of Front Office and compliance staff on market abuse indicators, an effective and constant surveillance system for orders and transactions, and a multi-level analysis combining automated filters with mandatory human analysis. This system is essential for detecting and preventing market abuse.
What is the definition of inside information according to Article 7 of the MAR regulation?
Inside information is defined as precise, non-public information likely to have a significant effect on the price of financial instruments. It must relate to existing or reasonably foreseeable facts with sufficient specificity and must not be equally accessible to the public. This definition is crucial for identifying market abuse.
What constitutes insider dealing under Article 8 of the MAR regulation? (Multiple answers possible)
Insider dealing includes using inside information to acquire or dispose of financial instruments, recommending a transaction based on such information, or unlawfully disclosing such information. These actions are strictly prohibited to preserve market integrity.
Total amount of sanctions in 2023
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In 2023, the Sanctions Committee imposed sanctions totalling €35.38 million. France thus ranks first in Europe for cumulative sanction amounts over several years.
The reporting person always benefits from immunity from prosecution for breach of professional secrecy when acting in good faith.
The reporting person benefits from immunity from prosecution for breach of professional secrecy when acting in good faith. However, this immunity may be challenged if irregularities are identified. Their identity remains confidential unless requested by the judicial authority.
Market manipulation only includes fixing the price at an abnormal or artificial level.
Market manipulation, according to Article 12 of the MAR regulation, encompasses several practices, including transactions giving false or misleading signals, fixing the price at an abnormal or artificial level, the use of fictitious or deceptive devices, and the dissemination of false information. It is not limited to price-fixing.
Date of direct application of the MAR regulation
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The MAR regulation (Market Abuse Regulation) No. 596/2014 has been directly applicable in all Member States since 3 July 2016. This date marks the entry into force of this key text for the preservation of market integrity.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Dissemination of false information
Market manipulation
Insider dealing
The sanctions mentioned include fines for dissemination of false information (market abuse) and criminal convictions following referral to the Parquet National Financier (market manipulation). France stands out for the high cumulative amounts of sanctions since 2018.