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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 7 Inside information S. 673-692

„… policies, which rules out individuals pursuing private goals. Chapter 2 Inside information, insider dealing …” „… , unlawful disclosure of inside information and market manipulation Article 7 Inside information 1. For the …” „… purposes of this Regulation, inside information shall comprise the following types of information: (a …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… acquisition or repurchase and does not alter its strategy in reaction to inside information obtained after the …” „… protected if the managers, as will often be the case, are in the possession of inside information other than …” „… ) applies. Article 10 Unlawful disclosure of inside information 1. For the purposes of this Regulation …”

Article 17 Public disclosure of inside information S. 778-799

„… information (1) An issuer shall inform the public as soon as possible of inside information which directly …” „… concerns that issuer. The issuer shall ensure that the inside information is made public in a manner which …” „… disclosure of inside information to the public with the marketing of its activities. The issuer shall post …”

Article 4 Unlawful disclosure of inside information S. 628

„… Regulation (EU) No 596/2014. Article 4 Unlawful disclosure of inside information 1. Member States shall take …” „… the necessary measures to ensure that unlawful disclosure of inside information as referred to in …” „… . 2. For the purposes of this Directive, unlawful disclosure of inside information arises where a …”

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information S. 767-770

„… Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information A person …” „… inside information. I. General features Purpose and context The provision prohibits insider dealing and …” „… in insider dealing and the unlawful disclosure of inside information. It does not set out the content …”

Article 8 Insider dealing S. 692-705

„… the client’s order is more likely to be inside information, the more defined these characteristics …” „… , insider dealing arises where a person possesses inside information and uses that information by acquiring …” „… , financial instruments to which that information relates. The use of inside information by cancelling or …”

Article 18 Insider lists S. 799-808

„… , shall: (a) draw up a list of all persons who have access to inside information and who are working for …” „… inside information, such as advisers, accountants or credit rating agencies (insider list); (b) promptly …” „… dealing and unlawful disclosure of inside information. Where another person acting on behalf or on the …”

Article 9 Legitimate behaviour S. 705-711

„… from the mere fact that a legal person is or has been in possession of inside information that that …” „… person has used that information and has thus engaged in insider dealing on the basis of an acquisition …” „… the inside information; and (b) has not encouraged, made a recommendation to, induced or otherwise …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2. Unlawful disclosure of inside information, Art 4 …” „… person possesses inside information and uses that information by acquiring or disposing of financial …” „… instruments for the person’s own account or the account of a third party. Inside information is understood in …”

Article 11 Market soundings S. 718-730

„… point (a), (b) or (c). 2. Without prejudice to Article 23(3), disclosure of inside information by a …” „… market sounding will involve the disclosure of inside information. The disclosing market participant …” „… ), disclosure of inside information made in the course of a market sounding shall be deemed to be made in the …”

Introduction S. 644-650

„… Regulation is that of ‘inside information’,5 which underlies both the prohibition of insider dealing in Arts …” „… basis of inside information was identified as one of the root causes of the financial crisis of 1929.9 …” „… Exchange Act Rule 10b-510 to restrict the use of inside information. However, due to the non-statutory …”

Article 3 Insider dealing, recommending or inducing another person to engage in insider dealing S. 627-628

„… , insider dealing arises where a person possesses inside information and uses that information by acquiring …” „… inside information as a result of: (a) being a member of the administrative, management or supervisory …” „… also applies to any person who has obtained inside information under circumstances other than those …”

Article 2 Definitions S. 624-627

„… Directive 2012/30/EU of the European Parliament and of the Council (9); (4) ‘inside information’ means …” „… . This Article applies to any person who possesses inside information as a result of: (a) being a member …” „… that it is inside information. 3. The use of inside information by cancelling or amending an order …”

Article 16 Prevention and detection of market abuse S. 772-778

„… , recital 1. Chapter 2 Inside information, insider dealing, market manipulation Art. 16 MAR Carsten …” „… information, insider dealing, market manipulation Art. 16 MAR Carsten Gerner-Beuerle 775 4 5 cuted the order …” „… 2(11). Chapter 2 Inside information, insider dealing, market manipulation Art. 16 MAR Carsten …”

Article 13 Accepted market practices S. 756-767

„… acceptance. Chapter 2 Inside information, insider dealing, market manipulation Art. 13 MAR Carsten …” „… accepted market practices, the definition of inside information in relation to derivatives on commodities …” „… contracts, 25 April 2017, ESMA70-145-76. Chapter 2 Inside information, insider dealing, market …”

Article 5 Market manipulation S. 628-629

„… Regulation (EU) No 596/2014. Article 4 Unlawful disclosure of inside information 1. Member States shall take …” „… the necessary measures to ensure that unlawful disclosure of inside information as referred to in …” „… . 2. For the purposes of this Directive, unlawful disclosure of inside information arises where a …”

Article 15 Prohibition of market manipulation S. 770-772

„… tion, not the appreciation on the pArt of the recipient that inside information has been made …” „… available. For this reason, the lack of any prohibition of the attempt to disclose inside information is …” „… step leading to the disclosure of inside information does not trigger the prohibition pursuant to Art …”

Article 1 Subject matter S. 650

„… regulatory framework on insider dealing, the unlawful disclosure of inside information and market …” „… (see → Arts 7 through 9), the unlawful disclosure of inside information (see → Art 10) and market …” „… disclose inside information without delay, draw up a list of persons who have access to inside information …”

Article 12 Market manipulation S. 730-756

„… Inside information, insider dealing, market manipulation Art. 12 MAR Carsten Gerner-Beuerle 731 4. Where …” „… guidance and its continuing relevance, see Moloney, VIII.8.1. Chapter 2 Inside information, insider …” „… Inside information, insider dealing, market manipulation Art. 12 MAR Carsten Gerner-Beuerle 735 7 8 9 to …”

Article 2 Scope S. 650-654

„… regulatory framework on insider dealing, the unlawful disclosure of inside information and market …” „… (see → Arts 7 through 9), the unlawful disclosure of inside information (see → Art 10) and market …” „… disclose inside information without delay, draw up a list of persons who have access to inside information …”

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… goals. Chapter 2 Inside information, insider dealing, unlawful disclosure of inside information and …” „… market manipulation Article 7 Inside information 1. For the purposes of this Regulation, inside …” „… , recital 22. 12 Ibid, recitals 21-22. Chapter 2 Inside information, insider dealing, market manipulation …”

Article 3 Definitions S. 1236-1242

„… an inside information. Similarly, the information underlying a rating may constitute inside …” „… information. In principle, unlawful disclosure of inside informa- 10 Schroeter, Ratings (2014), § 2 p. 19. 11 …” „… disclosure of inside information to rating agencies is lawful if made for the purpose of producing a public …”

Index S. 1785-1803

„… seq. Index 1788 – disclosure timing MAR 17 57 et seq. – inside information MAR 17 55 et seq …” „… Offering (ICO) – application of MiFID II MiFID II 4 21 et seq. Inside information MAR 7 1 et seq., 8 23 …” „… MAR 18 34 – access to inside information MAR 18 20, 23 et seq. – accuracy MAR 18 34 – addressee MAR …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 3 627 Unlawful disclosure of inside information …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 6 670 Chapter 2 Inside information, insider dealing, unlawful disclosure of inside information and …” „… market manipulation Inside information …”

Article 19 Managers’ transactions S. 808-824

„… referred to in point (a), who has regular access to inside information relating directly or indirectly to …” „… transaction could still be market manipulation or (if it had inside information at the time) insider dealing …” „… relevant PDMR does not have inside information, a PDMR may enter into a conditional transaction during a …”

Article 9 Sanctions for legal persons S. 637-640

„… , and in the case of unlawful disclosure of inside information (Art 4 of MAD 2014), it must be at least …” „… legal persons, Arts 8 and 9 The offences of insider dealing, unlawful disclosure of inside information …” „… ed insider dealing and market manipulation, MAD 2014 leaves the precise demarcation between attempt …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… and transparent way. This is the result of the broad definition of inside information under MAR.59 …” „… recommendation needs to include a reference to the place where the information regarding the producer of the …” „… information in the media For the purposes of Article 10, Article 12(1)(c) and Article 20, where information is …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… inside information (Article 14); – Market manipulation (Article 15); – Lacking prevention and detection …” „… dealing or unlawful disclosure of inside information; market manipulation) in accordance with Article 30(2 …” „… , Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market …”

Article 22 Competent authorities S. 835-838

„… , directly or indirectly, an advantage or profits from the disclosure or the dissemination of the information …” „… gentlemanly expectations to regulatory principles: a history of insider dealing in the UK (Pt. 2)’ (2015) 36 …” „… Effectiveness of Insider-Trading Sanctions’ (1992) 35 Journal of Law and Economics 149; Siems M and Nelemans M …”

Article 1 Subject matter and scope S. 623-624

„… sanctions for insider dealing, for unlawful disclosure of inside information and for market manipulation to …” „… to 27 of Directive 2012/30/EU of the European Parliament and of the Council (9); (4) ‘inside …” „… information’ means information within the meaning of Article 7(1) to (4) of Regulation (EU) No 596/2014; (5 …”

Article 10 Disclosure and presentation of credit ratings S. 1277-1280

„… , rating outlooks and information relating thereto, they shall be deemed to be inside information as …” „… 10(2 a) CRA Regulation, a rating is considered to be inside information in accordance with MAR, unless …” „… plays an increasingly important role in markets which rely on digital information. ESMA has stated that …”

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations S. 312-315

„… Member State has then to pass on this information to the target Member State within one month.17 ESMA may …” „… request access to that information in accordance with the procedure, and under the conditions, set out in …” „… Member States the information referred to in the first subparagraph. In relation to conduct that may …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… Insider Dealing (3rd edn, Bloomsbury 2016) (cited as “Rider et al.”); Schwark E and Zimmer D (eds …” „… comprises, according to the taxonomy of European law, insider dealing, unlawful disclosure of insider …” „… legislators integrated the rules on insider trading and market manipulation because those rules pursue the …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of …” „… the non-disclosure of inside information in violation of Art 17 of MAR.16 An exception applies when a …” „… markets must establish arrangements to facilitate members’ or participants’ access to information required …”

Article 3 Definitions S. 654-657

„… access to inside information relating directly or indirectly to that entity and power to take managerial …” „… alleged to constitute insider dealing or market manipulation takes place on a trading venue (a regulated …” „… instrument that is the subject of insider dealing or is affected by, or used in, a manipulative scheme, is …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… interim financial report, a year-end report, or where the disclosure of inside information is delayed in …” „… transmit the notifications, including all of the information they were provided with, to ESMA.13 ESMA …” „… , including the information set out in Art 4(3).14 While the first step of the reference data collection and …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about …” „… suspected market abuse, a take-over bid or non-disclosure of inside information about the issuer or …” „… transactions or live orders, as well as unavailability of information indispensable for trading; (9) any major …”

Article 113 S. 622-623

„… disclosure of inside information and for market manipulation to ensure the integrity of financial markets in …” „… . This Directive establishes minimum rules for criminal sanctions for insider dealing, for unlawful …”

Article 32 Reporting of infringements S. 865-868

„… stages of the procedure without prejudice to disclosure of information being required by national law in …” „… States may provide for financial incentives to persons who offer relevant information about potential …” „… other pre-existing legal or contractual duties to report such information, and provided that the …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… regulation requires the relevant NCA9 (as defined in Art 2(j)(v) SSR) to use the best available information …” „… , and provides a non-exhaustive list of sources or types of information which may be used for the …” „… 5 licly available information in preference to other sources of information, (b) the information …”

Article 53 Access to a regulated market S. 308-312

„… market abuse, a take-over bid or the non-disclosure of inside information in violation of Art 17 MAR.20 …” „… action is due to suspected market abuse, a take-over bid or the non-disclosure of inside …” „… information in violation of Art 17 of MAR.16 An exception applies when a suspension or removal from trading …”

Article 23 Powers of competent authorities S. 838-843

„… receive or take a copy thereof; (b) to require or demand information from any person, including those who …” „… obtain information; (c) in relation to commodity derivatives, to request information from market …” „… inspection or investigation may be relevant to prove a case of insider dealing or market manipulation …”

Article 4 Exemptions from the obligation to publish a prospectus S. 969-974

„… the information stated therein and in case of a base prospectus, for providing and filing final terms …” „… information in the prospectus, including all information incorporated by reference and, in case of a base …” „… information which is regarded by the competent authority as being equivalent to that of the prospectus, taking …”

Introduction S. 941-951

„… incentives to disclose information are particularly weak. Finally, insiders will not be incentivised in …” „… Press 2014); Parades TA, ‘Blinded by the Light: Information Overload and its Consequences for Securities …” „… University Press 2011); Schammo P, ‘Market Building and the Capital Markets Union: Addressing Information …”

Article 5 Half-yearly financial reports S. 1124-1131

„… more specific inside information or management reports.22 Voluntary additional information provided by …” „… the definition of inside information according to MAR Article 7. In such a case, it may qualify as …” „… – The IFRS Foundation’s Taxonomy should be used to transfer financial information into structured …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… insider dealing and market manipulation (market abuse) and under Directive 2004/109/EC of the European …” „… relation to information about issuers whose securities are admitted to trading on a regulated market, and …” „… ) security issuers are subject to periodic and ongoing information requirements ensuring a high level of …”

Article 20 Investment recommendations and statistics S. 824-833

„… and transparent way. This is the result of the broad definition of inside information under MAR.59 …” „… information recommending or suggesting an investment strategy shall take reasonable care to ensure that such …” „… information is objectively presented, and to disclose their interests or indicate conflicts of interest …”

Article 9 Outsourcing S. 1276-1277

„… , rating outlooks and information relating thereto, they shall be deemed to be inside information as …” „… information since 2014 in order to allow issuers to consider additional factors.5 The additional information …” „… plays an increasingly important role in markets which rely on digital information. ESMA has stated that …”

Article 33 Exchange of information with ESMA S. 868-869

„… result from the disclosure of information. What is highly unsatisfactory is that the incentive is …” „… confined to the notification of information that is new and that eventually results in an administrative …” „… sanction is required. The whistleblower will thus have to take a high risk: If the relevant information …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… the information pursuant to Art 23 or the lack thereof remains subject to national legislation …” „… on behalf of the AIFs it manages. It shall provide information on the main instruments in which it is …” „… operational risk; (d) information on the main categories of assets in which the AIF invested; and (e) the …”

Article 18 S. 590-591

„… under Art 18 include e.g. when there are strong price fluctuations without objective reasons or insider …” „… information,3 suspension of the security or of related securities on other markets,4 non-compliance with …” „… competent authority require any further information within that period, within six months of the applicant …”

Article 25 Obligation to cooperate S. 844-846

„… , which constitute insider dealing, unlawful disclosure of information or market manipulation infringing …” „… implementing technical standards to determine the procedures and forms for exchange of information as referred …” „… particular, they shall exchange information without undue delay and cooperate in investigation, supervision …”

Article 49 Withdrawal of registration S. 572-574

„… of investors or the orderly functioning of markets (for instance, engage in market abuse or insider …” „… securities to official stock exchange listing and on information to be published on those securities (OJ L …” „… the disclosing related information: EU Directives viewed from the perspective of Croatian legislation …”

Article 17 S. 588-590

„… II. Commentary Duty to provide information Article 16(1) requires an issuer whose securities are …” „… admitted to official listing to provide the relevant NCAs with all the information which the latter …” „… of an NCA to request information corresponds with the duty of the issuer to provide such information …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… public the information under paragraph 1 of this Article to investment firms which are obliged to publish …” „… real-time as technically possible. The temporal limits for publication of transaction information on a …” „… trading venues´ trading hours, information has to be made public as close to realtime as technically …”

Article 48 Register S. 571-572

„… of ESMA and shall contain information on the services or activities which the third-country firms are …” „… of investors or the orderly functioning of markets (for instance, engage in market abuse or insider …”

Introduction S. 1466-1467

„… as well as transparency requirements, in particular in the form of mandatory information to be …” „… the EU inside the EU, be it in the form of the manager of Europea AIF by non-EU AIFM or in the form of …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the …” „… shall communicate to ESMA and to the competent authorities of the other Member States the information …” „… or an OTF to also supply without undue delay the information referred to in paragraph 2 to the …”

Article 26 Cooperation with third countries S. 846-849

„… that acts, which constitute insider dealing, unlawful disclosure of information or market manipulation …” „… . Competent authorities shall cooperate and exchange information with relevant national and third-country …” „… information provided for under the first subparagraph shall also be ensured with: (a) the auction monitor …”

Article 9 Method of notification and disclosure S. 903-906

„… insider trading on the information of the net short position to be notified or disclosed. Article 9(5) and …” „… . The notification of information to a relevant competent authority shall ensure the confidentiality of …” „… the information and incorporate mechanisms for authenticating the source of the notification. 4. The …”

Article 112 a Implementing legislation by European Commission S. 1465-1466

„… information to be provided prior to an investment and ongoing reporting requirements. While AIFMD adapted many …” „… outside of the EU inside the EU, be it in the form of the manager of Europea AIF by non-EU AIFM or in the …”

Article 6 Report on payments to governments S. 1131-1135

„… whether the disclosed information falls under the definition of inside information according to MAR …” „… from EU based firms, investors may turn to information provided by US peer firms which can lead to …” „… not exclude the possibility that any additional information may be required under sectoral EU …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… markets, 2017, p. 8. For further information on the transparency regime under MiFID I see Kumpan …” „… may not display any information regarding the amount of securities offered within their systems, the …” „… public. Thus, the public is kept in the dark about the bid and offer prices.15 Since information about …”

Article 33 Mechanism to avoid duplicative or conflicting rules S. 524-526

„… established in that third country. Context Art 33 MiFIR corresponds to a number of other provisions inside and …” „… access and to prevent information leakage maintaining the confidentiality of the data at all times. Third …”

Article 34 Publication of decisions S. 869-874

„… implementing technical standards to determine the procedures and forms for exchange of information as referred …” „… regarding the forms and procedures for submitting information to ESMA on administrative or criminal …” „… competent authorities exchanging information with the European Securities Market Authority as referred to in …”

Article 1 Subject matter S. 1231-1234

„… , Guidelines and Recommendations, Guidelines on periodic information to be submitted to ESMA by Credit Rating …” „… WpHG (2nd edn, Heymann 2014); Hopt K J and Kumpan Ch, ‘§ 107 Insider- und Ad-hoc-Publizitätsprobleme …” „… , it was generally thought that so long as the financial information provided to rating agencies was …”

Article 66 Organisational requirements S. 351-357

„… (a) the means by which the CTP may comply with the information obligation referred to in paragraphs …” „… 1 and 2; (b) the content of the information published under paragraphs 1 and 2; (c) the financial …” „… shall require an ARM to have adequate policies and arrangements in place to report the information …”

Article 47 Equivalence decision S. 566-571

„… abuse in the form of insider dealing and market manipulation 2. ESMA shall establish cooperation …” „… specify at least: (a) the mechanism for the exchange of information between ESMA and the competent …” „… authorities of third countries concerned, including access to all information regarding the non-Union firms …”

Article 46 General provisions S. 560-566

„… ESMA with all information necessary for its registration. Within 30 working days of receipt of the …” „… shall set a deadline by which the applicant third-country firm is to provide additional information. The …” „… country. Art. 46 MiFIR 1. Security Markets and Services 560 Dirk Zetzsche The information in the first …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… information, including all relevant documentation, from persons about the size and purpose of a position or …” „… exposure entered into, information about beneficial or underlying owners, any concert arrangements, and any …” „… communicate the same information as well as the details of the position limits it has established to ESMA …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… correct any false information.20 Recipient of the reports The information is to be addressed to the …” „… investment firm in question. The information shall be shared with the competent authority where most of the …” „… The competent authority has to make the information available to ESMA on request.24 ESMA can also …”

Article 24 General principles and information to clients S. 157-180

„… 24 General principles and information to clients 1. Member States shall require that, when providing …” „… only when this is in the interest of the client. 3. All information, including marketing communications …” „… . Marketing communications shall be clearly identifiable as such. 4. Appropriate information shall be provided …”

Article 2 Definitions S. 1104-1114

„… themselves (or their local/regional authorities) from the information obligations specified in Article 18(2 …” „… 1(4) allows Member States not to require their national central banks to disclose the information …” „… regulated market, if different from the home Member State; (k) ‘regulated information’ means all information …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… to competent authorities on request that natural persons giving investment advice or information …” „… necessary information regarding the client’s or potential client’s knowledge and experience in the …” „… provide information regarding that person’s knowledge and experience in the investment field relevant to …”

Article 1 Scope and UCITS definition S. 1304-1317

„… Information Documents?’, Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) 2011, 169-179; Riassetto I, ‘La …” „… (for complex funds) with investor information, known as the UCITS Key Investor Information Document …” „… (‘KIID’). Further rules on market timing and other insider dealing were added in response to US …”

Article 16 Organisational requirements S. 65-120

„… inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 or to other …” „… appropriate information on the financial instrument and the product approval process, including the identified …” „… the information referred to in the fifth subparagraph and to understand the characteristics and …”

doi.org/10.5771/9783845279893

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Christopher McCay

Unboxing IT

2016

doi.org/10.5771/9781475822137

RiA Recht in Afrika | Law in Africa | Droit en Afrique

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RiA Recht in Afrika | Law in Africa | Droit en Afrique

Browse Volumes: RiA Recht in Afrika | Law in Africa | Droit en Afrique

RiA Volume 17 (2014) Issue 1 ISSN Online: 2363-6270

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Hanifa T. Massawe, Mwajuma Kadilu Combatting Insider Trading in Tanzania: The Adequacy of the Capital Markets and Securities Act of 1994 and the Companies Act of 2002 S. 52-63

„… group that is able to gain such privileged information about a company. Insiders can include directors …” „… and to make insiders gain considerable profits based on unfair access to information 1.2 1 O’Hara, A …” „… information advantage. Massawe / Kadilu, Combatting Insider Trading in Tanzania 53 about the company.7 …”

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Jan-Willem Koldehofe - Die Nutzung einer Insiderinformation und legitime Handlungen

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Jan-Willem Koldehofe

Die Nutzung einer Insiderinformation und legitime Handlungen

Series: Schriften zum Gesellschafts-, Bank- und Kapitalmarktrecht

Volume 85 2021

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1. Teil: Teleologische Grundlagen S. 30-84

„… werden, die den Marktkurs beeinflussen.58 Insider Insider nutzen wie Informationshändler Informationen …” „… irrationalen Verhaltens.90 Informationshändler Informationshändler nutzen wie Insider Informationen, um …” „… : Ventoruzzo/Mock MAR, A.2.19. 2 Manne argumentierte insbesondere damit, dass Insider Informationen in Marktkurse …”

2. Teil: Die Nutzung einer Insiderinformation und legitime Handlungen S. 85-266

„… „Ausnutzung von Insider-Informationen“. Angesichts der anderslautenden Sprachfassungen (engl.: „use of inside …” „… die Gesetzesbegründung, dass eine „Verwendung“ erfordere, dass der Insider die Information „in sein …” „… Insiderinformation bedeute, dass die Information kausal für den Entschluss des Insiders gewesen sein musste.24 …”

3. Teil: Die „Nutzung“ von Insiderinformationen bei M&A-Transaktionen S. 267-372

„… “ Insiderinformation erlangt, wobei die Kenntnis der „positiven“ Information den Insider veranlasst, trotz der …” „… privilégiée et en fait usage“).63 Die englische Sprachfassung, die von „inside information“ spricht, enthält …” „… untersagen Personen im Sinne von Unterabsatz 2, die über eine Insider-Information verfügen, unter Nutzung …”

Literaturverzeichnis S. 373-391

„… , Mohammed/Sultan, Jahangir: „Ethical Reasoning and the Use of Insider Information in Stock Trading”, in: 37 (2 …” „… (2000) Blachnio-Parzych, Anna: „The Use of Inside Information”, in: Eucrim: The European Criminal Law …” „… Kursstützung; Ausnutzung einer Insider-Information“, in: wbl 2007, S. 475–478 Fuhrmann, Ben W …”

Einleitung S. 23-29

„… , BKR 2013, 133. 19 Engl. Sprachfassung: „possesses inside information“; Art. 9 MAR wählt jeweils den …” „… Einleitung „Der wichtigste Gebrauchsgegenstand, den ich kenne, ist die Information“.1 Mit diesen …” „… Fox zu Insidergeschäften verleitet, treffend den Wert unveröffentlichter kursrelevanter Informationen …”

Titelei/Inhaltsverzeichnis S. 1-22

„… Insider aa) 159 Regelmäßige „Einpreisung“ durch Aufhebung der Informationsasymmetrie bb) 161 Umsetzung …” „… Noise tradersc) 46 Informationshändlerd) 46 Zwischenergebnise) 48 Informationshändler als „Mechanismus …” „… Ausgangspunkt der Prüfung1. 191 Kausalität der Information als notwendige Bedingung a) 192 Ablehnung der …”

doi.org/10.5771/9783748924807

Helene Maskow - Ad-hoc-Publizität und Related Party Transactions nach ARUG II

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Helene Maskow

Ad-hoc-Publizität und Related Party Transactions nach ARUG II

Series: Schriften zum europäischen, internationalen und vergleichenden Unternehmensrecht

Volume 25 2024

Results in this title

C. Ad-hoc-Publizität und Related Party Transactions S. 125-316

„… , ob es sich bei der RPT um eine Insider‐information handelt, deutlich komplexer als dies der Wortlaut …” „… Informationen zur Angemessenheit der Insider-RPT gem. § 111cAbs. 3 S. 1, Abs. 2, S. 3, S. 4 AktG dagegen nur …” „… , § 13 Rn. 40.I. Von der RPT zur Insider-RPT129mation.661 Begründet die Information unter gar keinen …”

D. Endfazit S. 317-320

„… Ad-hoc-Mitteilung sind neben der Insider‐information über die RPT auch die RPT-spezifischen Angaben zur …” „… gegen die Tochtergesellschaft auf Weiterleitung derInformationen zur Insider-RPT.10. Die speziellen …” „… . Insiderinformationen im Zusammenhang mit der Insider-RPT könnenbereits in einem frühen Stadium ad-hoc-pflichtig gem …”

Titelei/Inhaltsverzeichnis S. 1-26

„… §§ 111a bis c AktGc)122Ad-hoc-Publizität und Related Party TransactionsC. 125Von der RPT zur Insider …” „… -RPTI. 126Präzise Informationen gem. Art. 7 Abs. 1 lit. a, Abs. 2 MARund RPT1.127„Präzise“ als abstrakter …” „… Informationen (Art. 7 Abs. 2 MAR) und RPTc) 131Anhaltspunkte für Insiderinformationen bei RPTaa) 132 …”

A. Bekannte Probleme und neue Herausforderungen S. 27-32

„… Folgenden eine RPT, die die Voraussetzungen der Insider‐information gem. Art. 7 Abs. 1 lit. a MAR erfüllt.14 …” „… beiderVeröffentlichungspflichten zueinander.Die Arbeit untersucht anschließend, ob die Informationen zur Insider-RPT einem Aufschub …” „… (Informations-)Vorteile zu Lasten Dritter minimieren: Markt‐schutz durch Transparenz schafft die in die Market Abuse …”

Literaturverzeichnis S. 321-339

„… , Kapitalmarktdeliktsrecht, Tübingen 2008.Hellgardt, Alexander, The notion of inside information in the Market Abuse …” „… einer gestreckten Entscheidungals Insider-Information, BB 2012, S. 1817–1821.Kohl, Torsten/Meyer, Marco …” „… Insider-Information, hier: Ausscheiden des Vorstandsvorsitzenden vonDaimler („Geltl“), ZIP 2012, S. 1282–1288.Schiessl …”

B. Art. 17 Abs. 1 UAbs. 1 MAR und §§ 111a bis 111c, 107 Abs. 3 S. 4 bis 6 AktG S. 33-124

„… – Delay in the disclosure of inside information v. 20.10.2016,ESMA/2016/1478; im Detail: ESMA, Final …” „… von Insiderinformationen entzieht Insidern dagegenpräventiv den wirtschaftlichen Informationsvorteil34 …” „… insbesondere als Informations‐quelle der share- und stakeholder112. Das RPT-Regime wird außerdemdurch ein rein …”

doi.org/10.5771/9783748919735

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