Abstract

Abstract This chapter examines the harmonized EU rules governing the prohibition of market abuse under the Market Abuse Regulation, including the related administrative rules and the supporting supervisory and enforcement arrangements. It also examines the regulation of benchmarks under the Benchmark Regulation, including the related administrative rules and the supporting supervisory and enforcement arrangements. The chapter considers the evolution and purpose of the market abuse regime, including the debates relating to the rationales for prohibiting insider dealing and market manipulation. It then considers the different elements of the Market Abuse Regulation, including as regards how insider dealing and market manipulation are defined, and the obligations on issuers to disclose ‘inside information’. It also examines the benchmark regime, considering the context for the EU’s regulation of benchmarks and their administrators under the Benchmark Regulation, the design of the Regulation, and how the Regulation has developed, including as regards sustainable finance and the transition from LIBOR.

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