Market Abuse Regulation – MAR

The Market Abuse Regulation (EU) N:o 596/2014 (MAR) and the Directive on criminal sanctions for market abuse 2014/57/EU (MAD II) entered into force for the most part on 3 July 2016. The key aim of MAR is to preserve financial market integrity and improve investor protection.

MAR covers market abuse, i.e. insider dealing, unlawful disclosure of inside information, market manipulation and public disclosure of inside information. In addition, MAR places obligations on, inter alia, persons discharging managerial responsibilities within issuers and their closely associated persons, and on market operators and investment firms. MAR also regulates market soundings, investment recommendations, and statistics or forecasts disseminated by public institutions liable to have a significant effect on financial markets.

MAR is a directly applicable regulation, and MAD II has been transposed into national law. MAR involves extensive Level 2 regulation, adopted as Level 2 Commission Regulations. The Commission has adopted Level 2 Regulations on, inter alia, the technical procedures relating to the public disclosure and delayed public disclosure of inside information, the formats and templates for notification and public disclosure of managers' transactions, and the format of insider lists and their updating procedure.

To whom does MAR apply?

MAR applies to, for example, the following:

  • companies traded on a regulated market (stock exchange listed companies
  • companies traded on a multilateral trading facility (MTF) (e.g. First North companies)
  • companies traded on an organised trading facility (OTF)
  • issuers of bonds under certain conditions.
Issuers of bonds

MAR applies to issuers of bonds that are traded on a regulated market or on a multilateral trading facility.

Consequently, under MAR, issuers of bonds are governed by requirements concerning public disclosure and delayed public disclosure of inside information, maintenance of insider lists, notification and public disclosure of transactions by managers and persons closely associated with them and the trading restrictions applicable to them.

To which financial instruments does MAR apply?

MAR applies to

  • financial instruments traded on a regulated market
  • financial instruments traded on a multilateral trading facility (MTF)
  • financial instruments traded on an organised trading facility (OTF)
  • financial instruments whose price or value depends on a financial instrument
  • traded on a regulated market, a multilateral trading facility or an organised trading facility
  • auctioning of emission allowances or other auctioned products based thereon on an auction platform authorised as a regulated market
  • OTC trading with the above-mentioned financial instruments.

Moreover, market manipulation and the related prohibition expand so as to apply also to spot commodity contracts on certain conditions and behaviour in relation to benchmarks.

Regulation - EU Regulation

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Level 2


National legislation
Interpretations and statements related to MAR

The European Securities and Markets Authority (ESMA) issues interpretations and practical application guidelines related to the implementation of MAR regulation.

ESMA's MAR-related interpretations and guidelines may change the interpretations and guidelines issued by the FIN-FSA on this website, in which case the FIN-FSA's interpretations and guidelines concerning MAR will be replaced by those of ESMA. However, any such change in the FIN-FSA's interpretations and guidelines will have no retroactive effect.

ESMA Q&A on MAR ESMA Questions and Answers on the Market Abuse Regulation (23 March 2018) ESMA70-21038340-40 (pdf)

See also

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Market newsletter

The Market newsletter addresses, among other things, topical matters concerning interpretations and regulation related to market abuse and listed companies' disclosure obligation, as well as supervisory findings.

The FIN-FSA has dealt with questions related to MAR in the following Market newsletters:

  • Market newsletter 1/2018 ESMA Q&A interpretation of the obligation to prevent and detect market abuse – also extends in certain situations to non-financial firms (pdf)
  • Market newsletter 4/2017 MiFID II ancillary provisions of the Market Abuse Regulation (MAR) will apply from 3 January 2018, new ESMA MAR Q&A interpretations (pdf)
  • Market newsletter 2/2017 ESMA clarifies definition of managers’ closely associated entities (pdf) 
  • Market newsletter 1/2017 Models for notifying managers’ transactions, On the emergence of inside information and establishment of insider lists (pdf)
  • Market newsletter 5/2016 Guidelines on persons receiving market soundings enter into force on 10 January 2017, Guidelines on delay in the disclosure of inside information enter into force on 20 December 2016, Importance of the determination of inside information highlighted due to MAR (pdf)
  • Market newsletter 4/2016 Market Supervision introduces electronic newsletter for swift communication of current issues, Supervisory findings regarding application of the Market Abuse Regulation, Market sounding procedures (pdf)
  • Market newsletter 2/2016 Market Abuse Regulation also applies to the issuer of a listed bond, Information on regulation relating to MAR and on notification of transactions by entities in which managers exercise influence, MAR website is now open (pdf) 
  • Market newsletter 1/2016 Procedures relating to the notification of managers' transactions (pdf) 
  • Market newsletter 3/2015 Procedures relating to application of the Market Abuse Regulation (pdf)  
  • Market newsletter 2/2015 The definition of persons closely associated with persons discharging managerial responsibilities (pdf) 
  • Market newsletter 1/2015 Key changes in the Market Abuse Regulation (pdf)
Market supervision newsletter

The Market supervision newsletter discusses, for example, insider issues, disclosure obligation and supervision of prospectuses related to listed companies.

Subscription to electronic publications

Questions related to the application of MAR

Please send your questions related to the application of MAR to the FIN-FSA, email address: markkinat(at)