The Market Abuse Regulation (MAR) aims to increase market integrity and investor protection. Find out more about the application and structure of the MAR, market abuse offences and exemptions.
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The EU Market Abuse Regulation (EU MAR) came into effect on 3 July 2016 and was onshored into UK law on 31 December 2020 by the European Union (Withdrawal) Act 2018. Changes to EU MAR were made by the Market Abuse Exit Regulations 2019, to make sure that the onshored legislation (UK MAR) operates effectively in the UK.
Further changes to UK MAR were made by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 to include the UK Emission Trading Scheme, with related changes to technical standards made by FCA/2021/16. Changes to UK MAR were also made by the Financial Services Act 2021 in relation to insider lists and managers’ transaction (see section 30 of the Act).
UK MAR aims to increase market integrity and investor protection, enhancing the attractiveness of securities markets for capital raising.
It contains prohibitions of insider dealing, unlawful disclosure of inside information and market manipulation, and provisions to prevent and detect these.
This page is designed to assist readers of our Handbook. It should not be regarded as an exhaustive list of relevant information sources. Firms, issuers and individuals in scope of UK MAR should review all the regulation and make sure they’re in compliance with all relevant provisions.
Application of UK MAR
UK MAR applies to:
- financial instruments admitted to trading on a UK or an EU regulated market or for which a request for admission to trading on a UK or an EU regulated market has been made
- financial instruments traded on a UK or an EU multilateral trading facility (MTF), admitted to trading on a UK or an EU MTF, or for which a request for admission to trading on a UK or an EU MTF has been made
- financial instruments traded on a UK or an EU organised trading facility (OTF)
- financial instruments not covered by point (a), (b) or (c), the price or value of which depends on or has an effect on the price or value of a financial instrument referred to in those points, including, but not limited to, credit default swaps and contracts for difference
- emission allowances and related auction products as described in ‘UK MAR and UK Emissions Trading Scheme’ section below
Structure of UK MAR
UK MAR includes the following legislation, technical standards, and guidance:
Market abuse offences
UK MAR and UK Emission Trading Scheme
The Government implemented a new UK Emission Trading Scheme (UK ETS) on 1 January 2021.
Changes were made to UK MAR by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 to include the UK ETS. UK MAR applies to behaviours or transactions, including bids, relating to the auctioning of emission allowances or other products based thereon on an auction platform recognised under the UK Recognised Auction Platforms Regulations 2011.
UK EAMPs are subject to requirements to disclose inside information, maintain insider lists, and to notify persons discharging managerial responsibilities transactions for UK and, in certain circumstances, EU emission allowances. Broadly, a UK EAMP is a person who enters transactions or places orders, directly or indirectly, in UK emission allowances and who has emissions or rated thermal input related to their UK installations and activities under the UK ETS, which exceed either of the minimum thresholds referred to in UK MAR.
Requirements relating to insider lists and persons discharging managerial responsibilities transactions also apply to auction platforms and auctioneers involved in the auctions held under the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021.