Abstract
This chapter concerns the enforcement of the Market Abuse Regulation through Article 16. This enforcement is based on a cooperation of European Securities and Markets Authority (ESMA) and the supervisory authorities of the Member States. However, since market abuse is taking place at trading venues under the supervision of market operators and investments firms Article 16(1) obliges them to maintain an effective system to prevent and detect insider trading and market manipulation. Article 16(2) also establishes a reporting requirement for persons professionally arranging or executing transactions concerning suspicious orders or transactions in the Member State in which they are registered (Article 16(3)). The competent authorities then have to transmit such information to the competent authorities of the trading venues concerned (Article 16(4)). Finally, ESMA is empowered to develop regulatory technical standards (Article 16(5)).
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