LegislationMarkets and trading

MAR · Market Abuse Regulation

Regulation (EU) No 596/2014 · 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

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Legal status

In force since

2 July 2014 art. 39.1 (a los veinte días de su publicación en el DO L 173 de 12.6.2014); fecha confirmada por el art. 35.2 original ('a partir del 2 de julio de 2014'). ↗

Applies from

3 July 2016 art. 39.2, en la redacción dada por el Reglamento (UE) 2016/1033, art. 2. ↗

Phased application

2 July 2014: Empowerments for delegated acts and technical standards (among others Arts. 4(4)-(5), 5(6), 6(5)-(6), 7(5), 11(9)-(11), 12(5), 13(7) and (11), 16(5), 17(2) third subparagraph, 17(3), 17(10)-(11), 18(9), 19(13)-(15) and 20(3)), applicable from entry into force. art. 39.2, letra b), en la redacción del Reglamento (UE) 2016/1033. ↗
3 July 2016: General application of the Regulation and repeal of Directive 2003/6/EC and its implementing measures. arts. 37 y 39.2. ↗
3 January 2018: Art. 4(2) and (3) (notifications of financial instruments by trading venues), and references to OTFs, SME growth markets and emission allowances (postponed from 3.1.2017 by Regulation 2016/1033). art. 39.2 a) y 39.4, en la redacción del Reglamento (UE) 2016/1033, art. 2. ↗
1 January 2021: Changes by Regulation 2019/2115 (SME growth markets): market soundings in offers to qualified investors, liquidity contracts on SME growth markets, insider lists and publication by the issuer of managers' transactions within two working days. Reglamento (UE) 2019/2115, art. 4 (su art. 1, que modifica MAR, se aplica desde el 1.1.2021). ↗
4 December 2024: Entry into force of Regulation (EU) 2024/2809 (Listing Act) and application of most of its MAR changes: buy-backs (Art. 5), market soundings (Art. 11), insider lists (Art. 18), EUR 20 000 threshold and new closed-period exemptions (Art. 19), Commission powers (Art. 17(11)-(12)) and cooperation between authorities (Arts. 25(1a) and 25b). Reglamento (UE) 2024/2809, art. 4.1 (entrada en vigor el 4.12.2024 según el análisis del BOE). ↗
5 June 2026: New Art. 17 regime: in protracted processes only the final events or circumstances are disclosed; confidentiality duty (Art. 17(1a)); new delay conditions (Art. 17(4) and (4a)) and disclosure as soon as possible if confidentiality is lost (Art. 17(7)). It is also the deadline for Member States to adapt sanctions (Arts. 30(2) and 31(1)) and for the order data exchange mechanism for shares (Art. 25a). Reglamento (UE) 2024/2809, art. 4.3 (art. 2, punto 6, letras a), b), c) y e)) y art. 4.4 (art. 2, punto 14, letra a), y punto 15); art. 25 bis.1 y 25 bis.2 MAR. ↗
10 January 2028: Inside information (Art. 17(1) and (2)) and managers' transactions (Art. 19(3)) must also be submitted to the collection body of the European Single Access Point (ESAP). art. 21 bis.1, añadido por el Reglamento (UE) 2023/2869, art. 7. ↗
5 June 2028: The order data exchange mechanism between authorities must also be operational for bonds and futures. art. 25 bis.1, párrafo tercero, añadido por el Reglamento (UE) 2024/2809. ↗

Published amendments

Reglamento (UE) 2016/1011: Benchmarks Regulation (BMR): its Art. 56 amends Arts. 19, 35 and 38 MAR (managers' transactions in collective investment undertakings and other linked instruments). (applies from 3 July 2016)
Reglamento (UE) 2016/1033: Postpones to 3.1.2018 the application of Art. 4(2) and (3) and of the references to MiFID II, OTFs, SME growth markets and emission allowances (amends Art. 39). The BOE analysis does not list it among MAR amendments, but its Art. 2 amends Art. 39. (applies from 1 July 2016)
Corrección de errores (DO L 287 de 21.10.2016, p. 320): Corrects recital 76, Art. 12(1)(a) (adds auctioned products based on emission allowances) and Art. 37.
Reglamento (UE) 2019/2115: Promotion of SME growth markets: amends Arts. 11, 13, 17, 18, 19 and 35. (applies from 1 January 2021)
Reglamento (UE) 2023/2869: European Single Access Point (ESAP): inserts Art. 21a. (applies from 10 January 2028)
Reglamento (UE) 2024/2809 (Listing Act): Amends Arts. 3, 5, 7, 11, 13, 17, 18, 19, 23, 25, 29, 30, 31, 35 and 38, inserts Arts. 25a and 25b and deletes Art. 28. Staggered application: 4.12.2024 in general; 5.6.2026 for the Art. 17 changes (protracted processes and delay) and for national adaptation of sanctions. (applies from 4 December 2024)

Legal status reviewed on 12 November 2026 by The Neural Herald · Publications included up to 22 October 2026

What it is

Professional

MAR is the directly applicable Regulation that prohibits insider dealing, unlawful disclosure of inside information and market manipulation in the EU for instruments traded on regulated markets, MTFs and OTFs, and it has applied since 3 July 2016. It requires issuers to disclose inside information, keep insider lists and publish managers' transactions, and requires venues and intermediaries to detect and report suspicious transactions. Regulation (EU) 2024/2809 (Listing Act) reformed it in two stages: from 4 December 2024 (EUR 20 000 threshold, market soundings, buy-backs, insider lists) and from 5 June 2026 (in protracted processes only the final event is disclosed and the Art. 17 delay conditions change). It is supplemented, among others, by Delegated Regulation (EU) 2026/789 and Implementing Regulation (EU) 2026/1291, and ESMA revised its delay guidelines in 2026, which do not have the force of law. In Spain the CNMV is the competent authority and Law 6/2023 sets out infringements and penalties (Arts. 297 and 318).

Plain-language

This EU law punishes two kinds of conduct on financial markets: using secret information that would move the price of a share or bond, and misleading the market to distort prices. Listed companies must therefore publish important news as soon as possible, unless they can delay it under strict conditions and inform the supervisor afterwards. They must also keep a list of who knows that information, and their managers must report their purchases and sales of the company's shares once they exceed EUR 20 000 in a year. Since June 2026, when a deal takes months to prepare, the company only has to announce the final step, but it must keep the matter confidential in the meantime. In Spain the CNMV supervises compliance and can impose large fines.

Who it applies to

any natural or legal person, in relation to financial instruments admitted to or traded on a regulated market, MTF or OTF, or whose price depends on them, whether or not dealing on a trading venue (prohibitions in Arts. 14 and 15)
issuers of those instruments and emission allowance market participants
persons discharging managerial responsibilities within issuers and persons closely associated with them
market operators and investment firms operating trading venues, and persons professionally arranging or executing transactions
persons who produce or disseminate investment recommendations
conduct relating to emission allowance auctions, spot commodity contracts and benchmarks (Arts. 2(1) and 2(2))

Exclusions:

monetary, exchange rate or public debt management operations carried out by Member States, the ESCB and the other listed public bodies (Art. 6)
certain climate policy activities (Art. 6)
buy-back programmes and stabilisation meeting the conditions of Art. 5 (exemption from the prohibitions in Arts. 14 and 15)

arts. 2, 5 y 6. ↗

What it requires and what to review

Obligation	Who	From	Basis
Prohibition of insider dealing, of recommending or inducing it, and of unlawful disclosure of inside information.	Any person	3 July 2016	↗" target="_blank" rel="noopener">arts. 7, 8, 10 y 14
Prohibition of market manipulation and attempted manipulation, including benchmark manipulation.	Any person	3 July 2016	↗" target="_blank" rel="noopener">arts. 12 y 15
Establish and maintain systems to prevent and detect market abuse and report suspicious orders and transactions to the competent authority without delay.	Trading venue operators and persons professionally arranging or executing transactions	3 July 2016	↗" target="_blank" rel="noopener">art. 16; Reglamento Delegado (UE) 2016/957
Disclose inside information directly concerning the issuer as soon as possible. Since 5.6.2026, in protracted processes only the final events or circumstances are disclosed (non-exhaustive list in Delegated Regulation (EU) 2026/789), and the issuer must ensure confidentiality until disclosure.	Issuers and emission allowance market participants	5 June 2026	↗" target="_blank" rel="noopener">art. 17.1 y 17.1 bis (Reglamento 2024/2809, art. 2.6, aplicable según su art. 4.3); arts. 226-228 Ley 6/2023
Delay disclosure only if immediate disclosure may prejudice legitimate interests, the information does not contrast with the latest public announcement on the same matter and confidentiality is ensured; notify the delay to the authority when the information is disclosed (in Spain, the written explanation only upon CNMV request).	Issuers and emission allowance market participants	5 June 2026	↗" target="_blank" rel="noopener">art. 17.4 y 17.7 (redacción del Reglamento 2024/2809); art. 229 Ley 6/2023
Draw up, update without delay and keep for at least five years insider lists, in the format of Implementing Regulation (EU) 2026/1291.	Issuers, emission allowance market participants and persons acting on their behalf or for their account	3 July 2016	↗" target="_blank" rel="noopener">art. 18; Reglamento de Ejecución (UE) 2026/1291
Notify the issuer and the competent authority of own-account transactions within three working days once EUR 20 000 is reached in a calendar year; the issuer publishes them within two working days of the notification.	Persons discharging managerial responsibilities and closely associated persons; issuers	4 December 2024	↗" target="_blank" rel="noopener">art. 19.1, 19.3 y 19.8 (umbral del Reglamento 2024/2809; plazo del emisor del Reglamento 2019/2115); art. 230 Ley 6/2023
Not to trade during the 30 calendar days before the announcement of an interim or year-end financial report, unless authorised by the issuer in the cases of paragraphs 12 and 12a.	Persons discharging managerial responsibilities	3 July 2016	↗" target="_blank" rel="noopener">art. 19.11, 19.12 y 19.12 bis (este último añadido por el Reglamento 2024/2809)
Meet the market sounding conditions (consent, warnings and record of the information disclosed) for the disclosure to be deemed made in the normal exercise of duties.	Disclosing market participants	4 December 2024	↗" target="_blank" rel="noopener">art. 11 (redacción del Reglamento 2024/2809)
Present investment recommendations objectively and disclose interests and conflicts of interest.	Persons producing or disseminating investment recommendations	3 July 2016	↗" target="_blank" rel="noopener">art. 20; Reglamento Delegado (UE) 2016/958
Report buy-back programme transactions to the competent authority of the most relevant market in terms of liquidity to benefit from the exemption.	Issuers with buy-back programmes	4 December 2024	↗" target="_blank" rel="noopener">art. 5.1 b) y 5.3 (redacción del Reglamento 2024/2809); Reglamento Delegado (UE) 2016/1052

General guidance based on the official text. Not legal advice or a compliance assessment.

Upcoming milestones

5 December 2027ESMA report to the Commission on the order data exchange mechanism. art. 25 bis.8 (Reglamento 2024/2809). ↗

9 January 2028Deadline for Member States to designate the ESAP collection body. art. 21 bis.3 (Reglamento 2023/2869). ↗

10 January 2028Issuers must submit inside information and managers' transactions to the ESAP collection body. art. 21 bis.1 (Reglamento 2023/2869). ↗

5 June 2028Order data exchange extends to bonds and futures (unless postponed by delegated act). art. 25 bis.1 y 25 bis.9 (Reglamento 2024/2809). ↗

5 December 2028Commission report on the application of MAR (including the protracted process regime and the proportionality of sanctions for SMEs). art. 38 (Reglamento 2024/2809). ↗

5 December 2031Commission report on cross-market order book surveillance. art. 38 (Reglamento 2024/2809). ↗

Recent milestones

22 October 2026ESMA withdraws or amends several obsolete MAR Q&As (simplification initiative). ↗

16 October 2026ESMA publishes the final report with the revised guidelines on delayed disclosure of inside information; they will apply once published in the 24 official languages. ↗

19 July 2026Delegated Regulation (EU) 2026/789 enters into force: non-exhaustive list of final events in protracted processes and of situations where the information contradicts the latest announcement. Reglamento Delegado (UE) 2026/789, art. 3; análisis del BOE. ↗

5 July 2026Implementing Regulation (EU) 2026/1291 (new insider list format), repealing Implementing Regulation (EU) 2022/1210, enters into force. Reglamento de Ejecución (UE) 2026/1291, arts. 3 y 4 (veinte días tras su publicación en el DO de 15.6.2026; fecha calculada). ↗

Map of texts

The legal act

Implementing rules (technical standards and delegated acts)

Guidelines and Q&As (non-binding)

In Spain

Authorities

CNMV: Competent authority in Spain for MAR (Art. 225 Law 6/2023): receives and publishes inside information and managers' transactions, receives suspicious transaction reports, may establish accepted market practices and supervises and sanctions infringements (Arts. 297 and 318 Law 6/2023).
ESMA: Drafts technical standards, issues guidelines and Q&As, coordinates national authorities and, since the 2024 reform, can facilitate investigations and set up collaboration platforms (Arts. 25(1a) and 25b).
Comisión Europea: Adopts delegated and implementing acts (Arts. 35 and 36) and submits review reports (Art. 38).

Supervisor publications on this rule

Collected automatically from the CNMV, Bank of Spain, ECB, ESMA, EBA and EIOPA since January 2025. Partial coverage: it does not include everything published before 2025.

22 October 2026ESMAESMA streamlines several Q&As as part of simplification effortsNoticia · mentions it
16 October 2026ESMAFinal report on the MAR Guidelines on delay in the disclosure of inside informationFinal Report · about the rule
16 October 2026ESMAESMA finalises the review of guidelines on the delay in disclosure of inside informationNoticia · mentions it
12 June 2026Bank of SpainReglamento de Ejecución (UE) 2026/1291 de la Comisión, de 12 de junio de 2026, por el que se establecen normas técnicas de ejecución para la aplicación del Reglamento (UE) n.º 596/2014 del Parlamento Europeo y del Consejo en lo que respecta al formato de las listas de iniciados y por el que se deroga el Reglamento de Ejecución (UE) 2022/1210 de la Comisión (DOUE de 15).Legislación financiera DOUE · about the rule
26 May 2026ESMASMSG advice on the Consultation Paper on MAR Guidelines on delay in the disclosure of inside informationSMSG Advice · about the rule
8 April 2026Bank of SpainReglamento Delegado (UE) 2026/789 de la Comisión, de 8 de abril de 2026, por el que se completa el Reglamento (UE) n.º 596/2014 del Parlamento Europeo y del Consejo en lo que respecta a la divulgación de información privilegiada en procesos prolongados y al retraso en la divulgación (DOUE de 16 de julio).Legislación financiera DOUE · about the rule
19 February 2026ESMAConsultation paper on MAR Guidelines on delay in the disclosure of inside informationConsultation Paper · about the rule
19 February 2026ESMAConsultation on MAR Guidelines on delay in the disclosure of inside informationConsulta · about the rule
19 February 2026ESMAESMA seeks input to streamline and simplify its market abuse guidelinesNoticia · mentions it
7 May 2025ESMAFinal Report on the Technical advice concerning MAR and MiFID II SME GMFinal Report · about the rule

Related rules

MIFID2 · MICA

Fact sheet history

12 November 2026: Ficha creada (borrador)
12 November 2026: Ficha revisada y aprobada para su publicacion

Fact sheet drafted with the help of artificial intelligence from the linked official texts and reviewed by the editorial team. It is general information, not legal advice: always check the rule as published in the Official Journal.