Advanced

Från MAD Men till MAR-dröm? - En studie av det utvidgade offentliggörandekravet i Marknadsmissbruksförordningens era

Öberg, Carl LU (2016) JURM02 20162
Department of Law
Abstract (Swedish)
Den 3 juli 2016 trädde den nya marknadsmissbruksförordningen (MAR) i kraft. MAR är det senaste ledet i en länge pågående regleringsprocess av värdepappersmarknaden från EU:s håll, och ersatte vid ikraftträdandet det tidigare tillämpliga marknadsmissbruksdirektivet (MAD). MAR innehåller vissa nyheter som kan anses främmande för svenska aktörer på värdepappersmarknaden. Bland annat har begreppet insiderinformation utvidgats till att även inbegripa information rörande mellanliggande steg i en över tiden pågående process. Detta i sin tur har lett till en utvidgning av kravet att offentliggöra insiderinformation, vilket väcker frågor angående tillämpningen av förfarandet rörande att skjuta upp sådana offentliggöranden. Uppsatsen utreder först... (More)
Den 3 juli 2016 trädde den nya marknadsmissbruksförordningen (MAR) i kraft. MAR är det senaste ledet i en länge pågående regleringsprocess av värdepappersmarknaden från EU:s håll, och ersatte vid ikraftträdandet det tidigare tillämpliga marknadsmissbruksdirektivet (MAD). MAR innehåller vissa nyheter som kan anses främmande för svenska aktörer på värdepappersmarknaden. Bland annat har begreppet insiderinformation utvidgats till att även inbegripa information rörande mellanliggande steg i en över tiden pågående process. Detta i sin tur har lett till en utvidgning av kravet att offentliggöra insiderinformation, vilket väcker frågor angående tillämpningen av förfarandet rörande att skjuta upp sådana offentliggöranden. Uppsatsen utreder först motiven till att reglera offentliggöranden av insiderinformation. Detta görs ur ett rättsekonomiskt perspektiv, då ekonomiska teorier och metoder fungerar bra som komplement till de juridiska när det rör sig om värdepappersmarknaden. Efter detta ges ett historiskt perspektiv på MAD och varför detta direktiv ansågs vara i behov av att bytas ut till förmån för MAR. Här tillämpas, förutom en EU-rättslig metod, en komparativ metod där Sveriges reglering jämförs med i huvudsak den brittiska, för att visa på de brister i harmoniseringen av värdepappersmarknaden som följde i MAD:s kölvatten. Slutligen görs en utredning av dagens rättsläge där MAR jämförs med MAD och den tidigare svenska regleringen av värdepappersmarknaden under MAD-eran.

Slutsatsen av utredningen är att MAR inneburit en utvidgning av offentliggörandekravet, vilket resulterar i att svenska emittenter i högre grad än tidigare kommer tvingas använda sig av det numera formella och systematiserade förfarande gällande uppskjutande av offentliggörande av insiderinformation. Det påpekas att utvidgningen kan innebära vissa problem i framtiden, men att dessa än så länge inte har visat sig på den svenska marknaden. (Less)
Abstract
The new Market Abuse Regulation (the MAR) entered into force on July 3rd 2016. The MAR is the latest step in a long-running regulatory process from the EU concerning the securities market, and as it entered into force it replaced the previously applicable Market Abuse Directive (the MAD). The MAR contains a few novelties, which can appear alien to Swedish operators at the securities market. For example, the concept of inside information has been extended to include information concerning intermediate steps in a protracted process. This, in turn, has led to an extension of the disclosure obligation, which raises questions concerning the application of the procedure concerning delaying such disclosures. This thesis firstly investigates the... (More)
The new Market Abuse Regulation (the MAR) entered into force on July 3rd 2016. The MAR is the latest step in a long-running regulatory process from the EU concerning the securities market, and as it entered into force it replaced the previously applicable Market Abuse Directive (the MAD). The MAR contains a few novelties, which can appear alien to Swedish operators at the securities market. For example, the concept of inside information has been extended to include information concerning intermediate steps in a protracted process. This, in turn, has led to an extension of the disclosure obligation, which raises questions concerning the application of the procedure concerning delaying such disclosures. This thesis firstly investigates the motives for regulating disclosure obligations. This is done from an economic point of view, since economic theories and methods works well as a complementary perspective to the legal one, in cases concerning securities markets. Further, a historic perspective is donned while examining the MAD and why this directive was deemed necessary to be replaced by the MAR. In addition to a EU law perspective, a comparative method is applied while comparing the Swedish regulation to the British, in order to highlight the flaws concerning the harmonisation of the securities market following the MAD. Finally, a study of the current legal position is made, comparing the MAR to the MAD and the previous Swedish regulation of the securities market during the era of the MAD.

The conclusion of the study is that the MAR has involved an extension of the disclosure obligation, which in turn has resulted in that Swedish issuers will be forced to utilise the nowadays formal and systematised procedure concerning the delaying of disclosing inside information. It is noted that this extension might imply certain future problems, although these have not yet emerged at the Swedish market. (Less)
Please use this url to cite or link to this publication:
author
Öberg, Carl LU
supervisor
organization
alternative title
From MAD Men to nightMARe? - A study of the extended disclosure obligation in the era of the Market Abuse Regulation
course
JURM02 20162
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
EU-rätt, värdepappersmarknadsrätt, börsrätt, aktiemarknadsrätt, rättsekonomi, komparativ rätt
language
Swedish
id
8897763
date added to LUP
2017-02-06 13:59:16
date last changed
2017-02-06 13:59:16
@misc{8897763,
  abstract     = {The new Market Abuse Regulation (the MAR) entered into force on July 3rd 2016. The MAR is the latest step in a long-running regulatory process from the EU concerning the securities market, and as it entered into force it replaced the previously applicable Market Abuse Directive (the MAD). The MAR contains a few novelties, which can appear alien to Swedish operators at the securities market. For example, the concept of inside information has been extended to include information concerning intermediate steps in a protracted process. This, in turn, has led to an extension of the disclosure obligation, which raises questions concerning the application of the procedure concerning delaying such disclosures. This thesis firstly investigates the motives for regulating disclosure obligations. This is done from an economic point of view, since economic theories and methods works well as a complementary perspective to the legal one, in cases concerning securities markets. Further, a historic perspective is donned while examining the MAD and why this directive was deemed necessary to be replaced by the MAR. In addition to a EU law perspective, a comparative method is applied while comparing the Swedish regulation to the British, in order to highlight the flaws concerning the harmonisation of the securities market following the MAD. Finally, a study of the current legal position is made, comparing the MAR to the MAD and the previous Swedish regulation of the securities market during the era of the MAD.

The conclusion of the study is that the MAR has involved an extension of the disclosure obligation, which in turn has resulted in that Swedish issuers will be forced to utilise the nowadays formal and systematised procedure concerning the delaying of disclosing inside information. It is noted that this extension might imply certain future problems, although these have not yet emerged at the Swedish market.},
  author       = {Öberg, Carl},
  keyword      = {EU-rätt,värdepappersmarknadsrätt,börsrätt,aktiemarknadsrätt,rättsekonomi,komparativ rätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Från MAD Men till MAR-dröm? - En studie av det utvidgade offentliggörandekravet i Marknadsmissbruksförordningens era},
  year         = {2016},
}