Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.8: Insider dealing

Abstract

This chapter analyses Article 8 and other relevant articles in the Market Abuse Regulation (MAR). Article 8 describes what constitutes insider dealing. Most importantly, Article 8 concerns the abuse of ‘inside information’, which is defined in the preceding Article 7, and the former’s reach is limited by other provisions of the MAR. To understand the provision fully, the chapter considers both its internal structure and its position in the Market Abuse Regulation, since Article 8 is supplemented by other provisions in the MAR that have a direct bearing on the understanding of what constitutes insider dealing. This chapter thus examines each of Article 8’s five sections in turn, before considering the subjective condition (mens rea) applicable to the two offences mentioned in the Article—insider dealing and tipping.