This Q&A clarifies the scope of the trading restrictions for persons discharging managerial responsibilities under Article 19(11) of MAR.
The purpose of this MAR Q&A is to promote common supervisory approaches and practices in the application of MAR and its implementing measures.
MAR is intended to guarantee the integrity of European financial markets and increase investor confidence. Any unlawful behaviour in the financial markets is prohibited. The concept of market abuse typically consists of insider dealing, unlawful disclosure of inside information, and market manipulation.
ESMA will periodically review these Q&As and update them where required.