Chwilio Deddfwriaeth

Regulation (EU) No 596/2014 of the European Parliament and of the CouncilDangos y teitl llawn

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Text with EEA relevance)

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Changes to legislation:

Regulation (EU) No 596/2014 of the European Parliament and of the Council, Article 8 is up to date with all changes known to be in force on or before 18 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects yet to be applied to Article 8:

  • Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
  • Art. 8(1) words omitted by S.I. 2019/310 reg. 11(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 11(2)(a) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(5))

Newidiadau ac effeithiau heb eu gweithredu eto ar yr eitem ddeddfwriaeth gyfan a’r darpariaethau cysylltiedig.

  • Art. 2(1)(c) words omitted by S.I. 2019/310 reg. 9(2)(a)(ii)(aa) (This amendment not applied to legislation.gov.uk. Reg. 9(2)(a)(ii) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(3))
  • Art. 2(1)(c) words omitted by S.I. 2019/310 reg. 9(2)(a)(ii)(bb) (This amendment not applied to legislation.gov.uk. Reg. 9(2)(a)(ii) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(3))
  • Art. 3.1(25) word substituted by S.I. 2019/310 reg. 10(2)(m)(i) (This amendment not applied to legislation.gov.uk. Reg. 10(2)(m) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(4))
  • Art. 3.1(25) words omitted by S.I. 2019/310 reg. 10(2)(m)(ii) (This amendment not applied to legislation.gov.uk. Reg. 10(2)(m) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(4))
  • Art. 18(8)(b) omitted by S.I. 2019/310 reg. 12(2)(d)(ii) (This amendment not applied to legislation.gov.uk. Reg. 12(2)(d)(ii) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(6)(a))
  • Art. 25(8)(b) words inserted by S.I. 2019/310 reg. 13(5)(b)(ii)(bb) (This amendment not applied to legislation.gov.uk. Reg. 13(5)(b)(ii)(bb) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(7)(b))
  • Art. 38(a) omitted by S.I. 2019/310 reg. 16(1)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 16(1) substituted immediately before IP completion day by S.I. 2020/1385, regs. 1(4), 51(8))
  • Art. 38(b) words substituted by S.I. 2019/310 reg. 16(1)(a)(iii) (This amendment not applied to legislation.gov.uk. Reg. 16(1) substituted immediately before IP completion day by S.I. 2020/1385, regs. 1(4), 51(8))
  • Art. 38(d) omitted by S.I. 2019/310 reg. 16(1)(a)(iv) (This amendment not applied to legislation.gov.uk. Reg. 16(1) substituted immediately before IP completion day by S.I. 2020/1385, regs. 1(4), 51(8))

Article 8U.K.Insider dealing

1.For the purposes of this Regulation, insider dealing arises where a person possesses inside information and uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates. The use of inside information by cancelling or amending an order concerning a financial instrument to which the information relates where the order was placed before the person concerned possessed the inside information, shall also be considered to be insider dealing. In relation to auctions of emission allowances or other auctioned products based thereon that are held pursuant to [F1the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021], the use of inside information shall also comprise submitting, modifying or withdrawing a bid by a person for its own account or for the account of a third party.

2.For the purposes of this Regulation, recommending that another person engage in insider dealing, or inducing another person to engage in insider dealing, arises where the person possesses inside information and:

(a)recommends, on the basis of that information, that another person acquire or dispose of financial instruments to which that information relates, or induces that person to make such an acquisition or disposal, or

(b)recommends, on the basis of that information, that another person cancel or amend an order concerning a financial instrument to which that information relates, or induces that person to make such a cancellation or amendment.

3.The use of the recommendations or inducements referred to in paragraph 2 amounts to insider dealing within the meaning of this Article where the person using the recommendation or inducement knows or ought to know that it is based upon inside information.

4.This Article applies to any person who possesses inside information as a result of:

(a)being a member of the administrative, management or supervisory bodies of the issuer or emission allowance market participant;

(b)having a holding in the capital of the issuer or emission allowance market participant;

(c)having access to the information through the exercise of an employment, profession or duties; or

(d)being involved in criminal activities.

This Article also applies to any person who possesses inside information under circumstances other than those referred to in the first subparagraph where that person knows or ought to know that it is inside information.

5.Where the person is a legal person, this Article shall also apply F2... to the natural persons who participate in the decision to carry out the acquisition, disposal, cancellation or amendment of an order for the account of the legal person concerned.

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