Term · Regulation & Capital-Market Communication
MAR (Market Abuse Regulation)
In briefMAR (Market Abuse Regulation) is the EU Market Abuse Regulation, which prohibits insider dealing, unlawful disclosure and market manipulation. It requires issuers, among other things, to make ad-hoc disclosures, maintain insider lists and report managers' transactions, and applies directly EU-wide.
Definition
MAR stands for the European Market Abuse Regulation, which prohibits insider dealing, the unlawful disclosure of inside information and market manipulation. It obliges issuers, among other things, to make ad-hoc disclosures, to maintain insider lists and to report managers' own-account transactions. The regulation applies directly throughout the EU.
Why it matters for small caps
Even small issuers on the open market or in growth segments are subject to core MAR obligations; breaches can trigger substantial sanctions and reputational damage. Weak implementation of disclosure obligations is a governance warning signal.
Common misreadings
- It is assumed that MAR applies only to large, regulated market segments, even though core obligations also cover many open-market securities.
Frequently asked
What does MAR prohibit?
Insider dealing, the unlawful disclosure of inside information, and the manipulation of markets and prices.
What obligations arise from MAR?
Among others, ad-hoc disclosure, maintaining insider lists, and reporting managers' own-account transactions (directors' dealings).
Does MAR also apply to open-market securities?
Core obligations also apply to many issuers listed on the open market or in SME growth markets, not only to regulated markets.
Related terms
Sources
Primary
EUR-Lex – Verordnung (EU) Nr. 596/2014
https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:32014R0596
https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:32014R0596
Education only, not investment advice. Ranges and thresholds are didactic orientation values, not an official standard.