Sisäpiiritiedon ilmaisukiellon ja sitä koskevan poikkeuksen suojatarkoitukset ja systematiikka markkinoiden väärinkäyttöasetuksen sääntelyjärjestelmässä
Avainsanat:
arvopaperimarkkinaoikeus, yhtiöoikeus, markkinoiden väärinkäyttöasetus, sisäpiiritieto, sisäpiiritiedon ilmaisukieltoAbstrakti
The protective purposes and the systematic structure of prohibition of unlawful disclosure of inside information and its exemption in the Market Abuse Regulation
The aim of this article is to clarify the optimal level of protection for the provisions on unlawful disclosure of inside information and its exemption in the Market Abuse Regulation (MAR). Unlawful disclosure of inside information is prohibited under Article 14 of the MAR. Under Article 10 of the MAR, the disclosure of inside information is unlawful unless it is made in the normal exercise of employment, a profession, or duties. The latter part of the provision contains an exemption, under which the disclosure of inside information is deemed to be permitted. The MAR does not further clarify when the disclosure is unlawful or fulfils the criteria for the exemption. The interpretation must be built on the objectives and the structure of the regulation, as well as on ECJ case law. The article argues that despite the directly applicable regulation, the interpretation of the exemption still largely builds on national company law. However, the article claims that this is not contrary to the objectives of the regulation as long as the regulation guarantees a standard level of market integrity in the EU.
