Implementation of the Market Abuse Regulation

The EU Market Abuse Regulation (MAR) came into effect on 3 July 2016. We are the designated competent authority in the UK for MAR.

MAR affects:

  • financial instruments admitted to trading on regulated markets (as did the directive MAR replaces)
  • issuers with financial instruments admitted to trading on multilateral trading facilities (MTFs) and organised trading facilities (OTFs). (The definition of ‘financial instruments’ is in Annex 1 of MiFID II)
  • emission allowance market participants (EAMPs).

MAR provisions that depend on MiFID II (i.e. OTFs, SMEs and EAMPs) apply only when MiFID II comes into effect. Under certain situations, spot commodities will fall within MAR's scope.

Given MAR's extended scope, we plan to work closely with market operators to monitor its application and compliance. For issuers with financial instruments admitted to trading on MTFs, we intend to collaborate with market operators on compliance issues and real-time market monitoring.

Notifications under MAR

Delayed disclosure of inside information

Under MAR, inside information must be announced as soon as possible and may only be delayed where certain conditions are met. From 3 July 2016, where an issuer has delayed disclosing inside information in accordance with MAR Article 17, the issuer must notify us of the delay immediately after publicly disclosing the information. Similarly, from 3 January 2018, EAMPs which meet certain thresholds will have to comply with this obligation if they delay the disclosure of inside information.

Notify us using the delayed disclosure of inside information notification form

Read the guide to completing the delayed disclosure of inside information form (PDF)

Following PS16/13 Implementation of the Market Abuse Regulation, issuers and EAMPs should provide a written explanation of why the disclosure of inside information was delayed only if we request it.

Financial and credit institutions who want to request our consent to delay disclosure of inside information due to financial stability concerns under MAR Article 17(5) should call the emergency line on 020 7066 8354.

Transactions by persons discharging managerial responsibilities (PDMRs)

Under MAR Article 19, persons discharging managerial responsibilities (PDMRs) and persons closely associated with them must notify the issuer and us of certain transactions in or related to the issuer’s financial instruments conducted on their own account.

From January 2018, PDMRs within EAMPs and parties involved in the relevant auctions and persons closely associated with them must notify the EAMPs or the parties involved in the relevant auctions and us of certain transactions in emission allowances, auction products based on them or derivatives related to them conducted on their own account.

This applies to transactions once the total amount of EUR 5,000 has been reached in a calendar year. The notification must be made promptly and no later than 3 business days after the transaction date. 

Provide this information to us by completing the PDMR notification form.

Read the guide to completing the PDMR notification form (PDF)

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