Legislation and ESMA Guidelines  

Relevant legislation is listed below. Where the link provided is to www.irishstatutebook.ie users should note the disclaimer on the Irish Statute Book website. The following list is not exhaustive and is intended to serve as a general guide only:

Acts

No 38 of 2014 - Part 23 of the Companies Act 2014

Statutory Instruments

S.I. No. 349 of 2016 - European Union (Market Abuse) Regulations 2016

S.I. No. 366 of 2019 - Central Bank (Investment Market Conduct) Rules 2019

EU Legislation

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation or MAR) 

Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (Market Abuse Directive on Criminal Sanctions or CSMAD or MAD II)

The delegated and implementing acts relating to MAR issued by the European Commission, including:

Commission Delegated Regulation (EU) No 2016/1052 of 8 March 2016 with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures 

Commission Delegated Regulation (EU) No 2016/960 of 17 May 2016 with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings 

Commission Implementing Regulation (EU) No 2016/959 of 17 May 2016 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants conducting market soundings 

Commission Delegated Regulation (EU) No 2016/908 of 26 February 2016 on the criteria, procedure and requirements for establishing an accepted market practices 

Commission Delegated Regulation (EU) No 2016/957 of 9 March 2016 with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions    

Commission Implementing Regulation (EU) No 2016/1055      of 29 June 2016 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information 

Commission Implementing Regulation (EU) No 2016/347 of 10 March 2016 laying down implementing technical standards with regard to the precise format of insider lists and for updating insider lists 

Commission Implementing Regulation (EU) No 2016/523 of 17 December 2015 laying down implementing technical standards with regard to the format and template for notification and public disclosure of managers' transactions 

Commission Delegated Regulation (EU) No 2016/958 of 9 March 2016 with regard to technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest 

Commission Implementing Directive (EU) No 2015/2392 of 17 December 2015 on Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards reporting to competent authorities of actual or potential infringements of the Regulation

ESMA Guidelines

The European Securities and Markets Authority (ESMA) has been tasked with issuing Guidelines in respect of a number of areas relating to MAR.
  • MAR Guidelines on persons receiving market soundings (ESMA/2016/1477)
  • MAR Guidelines on delay in the disclosure of inside information (ESMA/2016/1478)
  • MAR Guidelines on information relating to commodity derivatives markets or related spot markets for the purpose of the definition of inside information on commodity derivatives  (ESMA/2016/1480)

The "ESMA Guidelines on Alternative Performance Measures" (the APM Guidelines) (Reference: ESMA/2015/1415)are aimed at promoting the usefulness and transparency of Alternative Performance Measures (APM) included in prospectuses or regulated information. The APM Guidelines apply to APMs disclosed by issuers or persons responsible for the prospectus when publishing regulated information or prospectuses on or after 3 July 2016

ESMA publications, including Q & A on the Market Abuse Regulation can be accessed on the European Securities and Markets Authority.

Applicable up to 3 July 2016

Statutory Instruments

S.I. No.342 of 2005 Market Abuse (Directive 2003/6/EC) Regulation 2005