Abstract
One of the most difficult issues posed by the prohibition of market abuse (insider trading, unlawful disclosure of inside information and market manipulation) is to ascertain the reasons or grounds that justify the prohibition. The Market Abuse Regulation (MAR) and Market Abuse Directive (MAD) state that their objectives are to ensure the integrity of securities markets and enhance investor protection and confidence in those markets; but they do not determine the meaning or scope of those aims. This article defines the precise meaning of each of those legal objectives and determines the legal interests directly protected by the prohibition of each of the conducts, an essential step for carrying out a proper interpretation of the elements of each one of the prohibitions and for understanding their meaning and scope.
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