Market Abuse Regulation: The Central Bank has amended its website guidance on the Market Abuse Regime

The new Market Abuse Regime, which consists of the Market Abuse Regulation (EU 596/2014 - ‘MAR’) and the Market Abuse Directive on criminal sanctions for market abuse (Directive 2014/57/EU or 'CSMAD' or ‘MAD II’) became applicable in Ireland and across the European Union on 3 July 2016. The new regime replaces the previous Market Abuse Directive (2003/6/EC).

In Ireland, the European Union (Market Abuse) Regulations 2016 (S.I. 349 of 2016)(2016 Regulations) is the Irish statutory instrument transposing CSMAD (and elements of MAR including the delegated acts) into Irish law. It replaces the previous Market Abuse (Directive 2003/6/EC) Regulations 2005 (S.I. 342 of 2005).

The Central Bank of Ireland is the single administrative competent authority for the purposes of Irish market abuse law, as provided under the 2016 Regulations. The Securities and Markets Supervision Division of the Central Bank of Ireland is responsible for the competent authority functions arising from MAR, CSMAD and the 2016 Regulations.

The Central Bank of Ireland has issued revised Market Abuse Rules and Guidance on "Market Abuse Regulatory Framework", updated to align with MAR and the implementation of the new Market Abuse Regime.

The introduction of MAR and CSMAD forms part of the European regulatory reform agenda for financial services, aimed at ensuring greater transparency and market integrity.

• The new Market Abuse Regime strengthens the legal framework underpinning the function of detecting, sanctioning and deterring market abuse. It extends its scope to apply to new markets, new trading platforms and new behaviours and to cover a broader range of financial instruments. It contains prohibitions for insider dealing, market manipulation and unlawful disclosure of inside information and provisions to prevent and detect these.
• MAR introduces a number of changes including a broadening of the scope of legislation to include trading platforms, such as Multilateral Trading Facilities (MTFs), and Over the Counter (OTC) trades, including in derivatives. Other changes include additional notification requirements in relation to suspicious activity, delay in the disclosure of inside information, managers' transactions and enhanced requirements regarding the preparation and maintenance of insider lists and the handling of inside information.
• The Market Abuse Directive introduces minimum rules for criminal sanctions for market abuse and widens the range of activities which constitute an offence, to include, for example, inciting, aiding and abetting the commission of certain market abuse offences.

For additional information and for links to pages dealing with specific provisions of MAR, please see the menu on the right hand side of this page.