markkinavääryntymisasetuksena

Markkinavääryntämisasetus, officially Regulation (EU) No 596/2014 on market abuse, is a piece of European Union legislation designed to enhance market integrity and investor protection. It replaced the previous Market Abuse Directive (MAD) and introduced a more comprehensive framework to prevent and address market abuse within the European Union's financial markets. The regulation aims to ensure that all market participants have access to the same information and are not disadvantaged by unfair trading practices.

The core of the regulation focuses on prohibiting three main types of market abuse: insider dealing, unlawful disclosure of inside information, and market manipulation. Insider dealing refers to the use of non-public, price-sensitive information to buy or sell financial instruments. Unlawful disclosure occurs when someone with inside information reveals it to another person who then uses it for trading. Market manipulation encompasses activities designed to artificially distort the price of a financial instrument, such as spreading false information or engaging in transactions that create a misleading impression of supply or demand.

Markkinavääryntämisasetus applies to a wide range of financial instruments traded on regulated markets, multilateral trading facilities (MTFs), and organized trading facilities (OTFs) within the EU. It also covers instruments whose price depends on instruments traded on these venues. The regulation places significant obligations on issuers of financial instruments, including timely disclosure of inside information and maintaining insider lists. It also imposes strict rules on market participants, such as investment firms and trading venues, regarding the detection, prevention, and reporting of suspected market abuse. Enforcement of the regulation is carried out by national competent authorities, with the European Securities and Markets Authority (ESMA) playing a coordinating role.