The Market Abuse Regulation (MAR) — Regulation (EU) No 596/2014 — aims to safeguard market integrity and investor confidence by prohibiting insider dealing, market manipulation, and unlawful disclosure of inside information across EU financial and commodity markets.
In force since July 2016, MAR applies to a wide range of instruments, including commodity derivatives traded on EU trading venues.
Latest Reform: Listing Act Amendments to MAR (2024)
In December 2024, the EU adopted targeted amendments to MAR as part of the Listing Act. These changes, applicable from 5 June 2026, are designed to reduce administrative burdens — especially for SMEs — and increase legal clarity for market participants.
Key changes include:
- Clearer rules for protracted processes, allowing delayed disclosure of inside information until the outcome of an ongoing event
- Replacement of the “not likely to mislead” test with a simpler standard based on prior disclosures
- Clarification that market soundings are optional, not mandatory
- Increase of the PDMR (Person Discharging Managerial Responsibilities) reporting threshold from €5,000 to €20,000, with flexibility for Member States to set higher thresholds