Legislation Laws 02/08/2002 Article 25 and sections 8 and 9 of the law of 2 August 2002 on the supervision of the financial sector and on financial services(pdf - 451.34 KB) Files law_02-08-2002.pdf (pdf - 451.34 KB) (Unofficial consolidated version: 07/2013) Regulations 29/06/2016 Commission Implementing Regulation (EU) 2016/1055 of 29 June 2016 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council(pdf - 330.99 KB) Files 29-06-2016_regulation1055.pdf (pdf - 330.99 KB) 17/05/2016 Commission Implementing Regulation (EU) 2016/959 of 17 May 2016 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council(pdf - 334.92 KB) Files 17-05-2016_regulation959.pdf (pdf - 334.92 KB) 17/05/2016 Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings(pdf - 329.66 KB) Files 17-05-2016_regulation960.pdf (pdf - 329.66 KB) 11/03/2016 Commission Implementing Regulation (EU) 2016/378 of 11 March 2016 laying down implementing technical standards with regard to the timing, format and template of the submission of notifications to competent authorities according to Regulation (EU) No 596/2014 of the European Parliament and of the Council(pdf - 345.9 KB) Files 11-03-2016_regulation.pdf (pdf - 345.9 KB) 10/03/2016 Commission Implementing Regulation (EU) 2016/523 of 10 March 2016 laying down implementing technical standards with regard to the format and template for notification and public disclosure of managers' transactions in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council(pdf - 323.09 KB) Files 10-03-2016_regulation523.pdf (pdf - 323.09 KB) 10/03/2016 Commission Implementing Regulation (EU) 2016/347 of 10 March 2016 laying down implementing technical standards with regard to the precise format of insider lists and for updating insider lists in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council(pdf - 333.34 KB) Files 10-03-2016_regulation347.pdf (pdf - 333.34 KB) 09/03/2016 Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions(pdf - 444.29 KB) Files 09-03-2016_regulation957.pdf (pdf - 444.29 KB) 09/03/2016 Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest(pdf - 352.14 KB) Files 09-03-2016_regulation958.pdf (pdf - 352.14 KB) 08/03/2016 Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures(pdf - 350.43 KB) Files 08-03-2016_regulation1052.pdf (pdf - 350.43 KB) 01/03/2016 Commission Delegated Regulation (EU) 2016/909 of 1 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of notifications(pdf - 346.99 KB) Files 01-03-2016_regulation909.pdf (pdf - 346.99 KB) 26/02/2016 Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance(pdf - 446.58 KB) Files 26-02-2016_regulation908.pdf (pdf - 446.58 KB) 17/12/2015 Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions(pdf - 405.72 KB) Files Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions (pdf - 405.72 KB) 16/04/2014 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(pdf - 949.26 KB) Files 16-04-2014_regulation.pdf (pdf - 949.26 KB) Circulars, communications and practical guide Circulars 18/05/2016 FSMA_2016_08 Market Abuse Regulation – practical instructions (available in French or Dutch only)(pdf - 447.44 KB) Files fsma_2016_08.pdf (pdf - 447.44 KB) Attachment(s) Annex A: Insider list to be submitted by issuers of financial instruments : KMO_PME_SME (xlsx - 23.43 KB) Annex B: Templates to be used by disclosing market participants (xlsx - 39.03 KB) Annex A: Template to be used for insider lists and for updating insider: deal-specific & permanent (xlsx - 29.34 KB) Annex D: Template for reporting suspicious orders or transactions (xlsx - 27.11 KB) Annex C1: Quick User Guide for listed companies about Notification of managers’ transactions via eMT (pdf - 2.16 MB) Annex C2: Quick User Guide for declarers about Notification of managers’ transactions via eMT (pdf - 1.5 MB) Annex E: ESMA-Guidelines MAR – Persons receiving market soundings (ESMA/2016/1477 – EN) (pdf - 278.79 KB) Annex F: ESMA-Guidelines MAR – Delay in the disclosure of inside information (ESMA/2016/1478 – EN) (pdf - 182.38 KB) Annex G: ESMA-Guidelines MAR – Information relating to commodity derivatives markets or related spot markets for the purpose of the definition of inside information on commodity derivatives (ESMA/2016/1480 – EN) (pdf - 214.29 KB) Opinion of the FSMA Considerations and good practices with respect to inside information disclosures by listed biotech companies 21/10/2020 FSMA_Opinion_2020_02 Questions and answers (FAQ) Questions and answers on takeover bids and the MAR (dd. 15 January 2018) 1. When does a potential bidder have to announce his/her intention to launch a bid? 2. What information has to be included in a press release in which the potential offeror announces his/her intention to launch a bid? 3. When does notification have to be made of transactions in securities carrying voting rights or conferring access to voting rights in the offeree company, the offeror or the company whose securities are being offered by way of consideration? 4. Do the provisions regarding the obligation to disclose any inside information to the public apply in the context of the preparation of a takeover bid? 5. Does the legislation governing market abuse offer a legal framework for an offeror's negotiations regarding its takeover bid? 6. May an offeror still buy securities in the offeree company during the preparation of a takeover bid, in order to strengthen its position within the shareholdership (also known as stake-building)? ESMA Questions and Answers On the Market Abuse Regulation Links ESMA Questions and Answers On the Market Abuse Regulation
