On 3 July 2016, the majority of the provisions the Market Abuse Regulation (“MAR”) came into effect, replacing the 2003 Market Abuse Directive. By introducing the new regulation, the legislative institutions of the E.U. hoped to address lacunae identified under MAD and to broaden the reach of the market abuse regime to include not only those instruments traded on regulated markets but also those traded on multilateral trading facilities and organised trading facilities. They will also include, as discussed below, any financial instrument the price or value of which depends or has an effect upon the price or value of a financial instrument admitted to trading in the E.U.
The report—entitled Issues of Legal Uncertainty Arising in the Context of the Market Abuse Regulation—explores uncertainty as to the financial instruments that fall within scope of MAR. It considers the new E.U.-wide market soundings regime introduced by Article 11 MAR, and, in particular, analyses the terms “transaction” and “announcement” within the definition of market sounding.
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