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Insiderinformation och nyhetskanalers rapportering om emittenter – En utredning av definitionen och hanteringen av insiderinformation i MAR

Trydegård, Melina LU (2021) JURM02 20211
Department of Law
Faculty of Law
Abstract
The EU Market Abuse Regulation, MAR, entered into force in July 2016 and is a central framework in the field of stock-market law. The regulation provides a uniform definition of the concept of inside information that has a significant role in both the application and understanding of several provisions in the regulation. These aim to create transparency in the market, as well as to combat various types of market abuse.

Available information on issuers is closely linked to the pricing of financial instruments in securities markets. When news media publish or broadcast information regarding issuers, the consequence may be that the share values of the concerned issuers are being significantly affected. The purpose of this master thesis has... (More)
The EU Market Abuse Regulation, MAR, entered into force in July 2016 and is a central framework in the field of stock-market law. The regulation provides a uniform definition of the concept of inside information that has a significant role in both the application and understanding of several provisions in the regulation. These aim to create transparency in the market, as well as to combat various types of market abuse.

Available information on issuers is closely linked to the pricing of financial instruments in securities markets. When news media publish or broadcast information regarding issuers, the consequence may be that the share values of the concerned issuers are being significantly affected. The purpose of this master thesis has been to investigate the definition of inside information in MAR and whether information about an upcoming publication or broadcast in news media, concerning an issuer, can be inside information. Furthermore, the purpose has been to investigate which possible provisions in MAR that can be actualized. A legal analytical method and an EU legal perspective have been used.

The definition of inside information consists of four independent and cumulative conditions that must be assessed in the light of the circumstances of the individual case. MAR stipulates an obligation for issuers to disclose inside information and to draw up an insider list. Furthermore, there is a prohibition of unlawful disclosure of inside information and on insider dealing. It is not entirely clear whether information about an upcoming publication or broadcast in a news channel can be inside information – at least not when the content of it itself is not considered to be inside information. As ESMA states in the report from 2020 about MAR, it would be appropriate to clarify certain parts of the current definition in order to have a consistent interpretation established at an EU-level and to increase the predictability in the application of the law. (Less)
Abstract (Swedish)
EU:s marknadsmissbruksförordning, MAR, är ett centralt regelverk på aktiemarknadsrättens område och har varit gällande sedan juli 2016. I förordningen stadgas en enhetlig definition av begreppet insiderinformation som har en betydande roll för tillämpningen av, och förståelsen för, flera bestämmelser i förordningen. Dessa syftar till att skapa transparens på marknaden, såväl som att stävja olika typer av marknadsmissbruk.

Tillgänglig information om emittenter har en nära koppling till prisbildningen av finansiella instrument på värdepappersmarknader. När nyhetskanaler publicerar eller sänder information om emittenter kan konsekvensen bli att de berörda emittenternas aktievärden påverkas väsentligt. Syftet med detta examensarbete har... (More)
EU:s marknadsmissbruksförordning, MAR, är ett centralt regelverk på aktiemarknadsrättens område och har varit gällande sedan juli 2016. I förordningen stadgas en enhetlig definition av begreppet insiderinformation som har en betydande roll för tillämpningen av, och förståelsen för, flera bestämmelser i förordningen. Dessa syftar till att skapa transparens på marknaden, såväl som att stävja olika typer av marknadsmissbruk.

Tillgänglig information om emittenter har en nära koppling till prisbildningen av finansiella instrument på värdepappersmarknader. När nyhetskanaler publicerar eller sänder information om emittenter kan konsekvensen bli att de berörda emittenternas aktievärden påverkas väsentligt. Syftet med detta examensarbete har varit att utreda definitionen av insiderinformation i MAR och om information om en kommande publicering eller sändning i en nyhetskanal, som berör en emittent, kan utgöra insiderinformation. Vidare har syftet varit att utreda vilka eventuella bestämmelser i form av förbud och skyldigheter i MAR som kan aktualiseras. En rättsanalytisk metod och ett EU-rättsligt perspektiv har använts vid utredningen.

Definitionen av insiderinformation består av fyra oberoende och kumulativa villkor som måste bedömas med hänsyn till omständigheterna i det enskilda fallet. Förordningen stadgar en skyldighet för emittenter att offentliggöra insiderinformation och föra en insiderförteckning. Vidare stadgas ett förbud mot att olagligen röja insiderinformation och ett förbud mot insiderhandel. Det är inte helt klart om information om en kommande publicering eller sändning i en nyhetskanal kan vara insiderinformation – i vart fall inte när innehållet i den i sig inte anses vara insiderinformation. Precis som ESMA framfört i sin rapport från 2020 om MAR, vore det lämpligt att vissa delar av den nuvarande definitionen klargörs för att få en konsekvent tolkning fastslagen på EU-nivå och ge en ökad förutsägbarhet vid rättstillämpningen. (Less)
Please use this url to cite or link to this publication:
author
Trydegård, Melina LU
supervisor
organization
alternative title
Inside information and news media's reporting about issuers – An investigation of the definition and the management of inside information in MAR
course
JURM02 20211
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, EU-rätt, aktiemarknadsrätt, insiderinformation, MAR, marknadsmissbruksförordningen
language
Swedish
id
9046208
date added to LUP
2021-06-10 13:41:39
date last changed
2021-06-10 13:41:39
@misc{9046208,
  abstract     = {{The EU Market Abuse Regulation, MAR, entered into force in July 2016 and is a central framework in the field of stock-market law. The regulation provides a uniform definition of the concept of inside information that has a significant role in both the application and understanding of several provisions in the regulation. These aim to create transparency in the market, as well as to combat various types of market abuse.

Available information on issuers is closely linked to the pricing of financial instruments in securities markets. When news media publish or broadcast information regarding issuers, the consequence may be that the share values of the concerned issuers are being significantly affected. The purpose of this master thesis has been to investigate the definition of inside information in MAR and whether information about an upcoming publication or broadcast in news media, concerning an issuer, can be inside information. Furthermore, the purpose has been to investigate which possible provisions in MAR that can be actualized. A legal analytical method and an EU legal perspective have been used.

The definition of inside information consists of four independent and cumulative conditions that must be assessed in the light of the circumstances of the individual case. MAR stipulates an obligation for issuers to disclose inside information and to draw up an insider list. Furthermore, there is a prohibition of unlawful disclosure of inside information and on insider dealing. It is not entirely clear whether information about an upcoming publication or broadcast in a news channel can be inside information – at least not when the content of it itself is not considered to be inside information. As ESMA states in the report from 2020 about MAR, it would be appropriate to clarify certain parts of the current definition in order to have a consistent interpretation established at an EU-level and to increase the predictability in the application of the law.}},
  author       = {{Trydegård, Melina}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Insiderinformation och nyhetskanalers rapportering om emittenter – En utredning av definitionen och hanteringen av insiderinformation i MAR}},
  year         = {{2021}},
}