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European Financial Services Law

Matthias Lehmann (ed.), Christoph Kumpan (ed.)

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 7 Inside information S. 673-692

„… Regulation, inside information shall comprise the fol-lowing types of information:(a) information of a …” „… regulation should be more permissive, if insiders trade on such information,rather than on non-public …” „… 0233 (TCC), paras 48-81: Inaccurate informationmay qualify as inside information, but it must …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… disclosure of inside informationarises where a person possesses inside information and discloses that …” „… insider within the meaning ofArt 8(4) from disclosing inside information.Level 2 and 3 measuresLevel 2 or …” „… that the infor-mation is inside information.Information is disclosed if it is transmitted to another …”

Article 17 Public disclosure of inside information S. 778-799

„… are Delegated Regulation 2016/52219 and the ESMAGuidelines.20II. Disclosure of inside informationThe …” „… completeness, integrity and confidentiality ofthe information.Any communication of inside information has to …” „… identify (i) that the informationcommunicated is inside information; (ii) the identity of the issuer (full …”

Article 4 Unlawful disclosure of inside information S. 628

„… Regulation (EU) No 596/2014.Article 4Unlawful disclosure of inside information1. Member States shall take the …” „… necessary measures to ensure that unlawful disclo-sure of inside information as referred to in paragraphs 2 …” „… possesses inside information and discloses that informa-tion to any other person, except where the …”

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information S. 767-770

„… Article 14Prohibition of insider dealing and of unlawful disclosureof inside informationA person …” „… information.I. General featuresPurpose and contextThe provision prohibits insider dealing and the attempt to …” „… that information is inside information).As discussed in the context of Art 8(1), the prohibition …”

Article 8 Insider dealing S. 692-705

„… information.This paragraph shall not apply to stake-building.Chapter 2 Inside information, insider dealing …” „… the client’s order is more likely to be inside information, the more defined these charac-teristics …” „… , insider dealing arises where a person pos-sesses inside information and uses that information by acquiring …”

Article 9 Legitimate behaviour S. 705-711

„… information.This paragraph shall not apply to stake-building.Chapter 2 Inside information, insider dealing …” „… inside information1. For the purposes of this Regulation, unlawful disclosure of inside informationarises …” „… the mere factthat a legal person is or has been in possession of inside information that thatperson …”

Article 18 Insider lists S. 799-808

„… and unlawful disclosure of inside information.Where another person acting on behalf or on the account …” „… information;(b) the reason for including that person in the insider list;(c) the date and time at which that …” „… person obtained access to inside information;and(d) the date on which the insider list was drawn up.(4 …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… obtained inside information and knows that it is inside information(formerly referred to as ‘secondary …” „… per-petrator was negligently unaware of the quality of the information as inside information(Art 3(1) of Mad …” „… presumptionof intent to use inside information.Art 3(6) of MAD 2014, which prohibits recommending that another …”

Article 11 Market soundings S. 718-730

„… informationor when it ceases to be in possession of inside information.8. The disclosing market participant …” „… assesswhether the information amounts to inside information;(b) the steps that such persons are to take if …” „… , identifying the information consid-ered by the disclosing market participant to be inside information.When the …”

Introduction S. 644-650

„… informa-tion’,5 which underlies both the prohibition of insider dealing in Arts 8 through 11 and14, and the …” „… reference to insider dealing, eventhough widespread trading on the basis of inside information was …” „… of inside information. However, due to the non-statutorycharacter of Rule 10b-5 and the need to …”

Article 3 Insider dealing, recommending or inducing another person to engage in insider dealing S. 627-628

„… Directive, unlawful disclosure of inside informationarises where a person possesses inside information and …” „… , insider dealing arises where a person possess-es inside information and uses that information by acquiring …” „… inside information as a resultof:(a) being a member of the administrative, management or supervisory …”

Article 2 Definitions S. 624-627

„… of the European Parliament and of the Council (9);(4) ‘inside information’ means information within …” „… , insider dealing arises where a person possess-es inside information and uses that information by acquiring …” „… inside information as a resultof:(a) being a member of the administrative, management or supervisory …”

Article 13 Accepted market practices S. 756-767

„… unlawful disclosureof inside informationA person shall not:(a) engage or attempt to engage in insider …” „… insider dealing; or(c) unlawfully disclose inside information.I. General featuresPurpose and contextThe …” „… modifyingthe conditions for its acceptance.Chapter 2 Inside information, insider dealing, market manipulation …”

Article 16 Prevention and detection of market abuse S. 772-778

„… information, insider dealing, market manipulation Art. 16 MARCarsten Gerner-Beuerle 7731governs dealers and …” „… .Chapter 2 Inside information, insider dealing, market manipulation Art. 16 MARCarsten Gerner-Beuerle …” „… its subsidiary undertakings’, Directive 2013/34/EU, Art 2(11).Chapter 2 Inside information, insider …”

Article 12 Market manipulation S. 730-756

„… and to price securing.Chapter 2 Inside information, insider dealing, market manipulation Art. 12 …” „… public disclosure of inside information and the definitionof market manipulation [2003] OJ L339/70.10 …” „… Inside information, insider dealing, market manipulation Art. 12 MARCarsten Gerner-Beuerle 73323II …”

Article 15 Prohibition of market manipulation S. 770-772

„… tion, not the appreciation on the pArt of the recipient that inside information has beenmade …” „… available. For this reason, the lack of any prohibition of the attempt to disclose in-side information is …” „… the number of persons whoare in possession of inside information,17 the provision should only prohibit …”

Article 5 Market manipulation S. 628-629

Article 1 Subject matter S. 650

„… framework on insider dealing, theunlawful disclosure of inside information and market manipulation (market …” „… through 9), the unlawful disclosure of inside information (see → Art 10) andmarket manipulation (see …” „… inside information without delay, draw up alist of persons who have access to inside information or work …”

Article 2 Scope S. 650-654

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… goals.Chapter 2Inside information, insider dealing, unlawful disclosureof inside information and market …” „… manipulationArticle 7Inside information1. For the purposes of this Regulation, inside information shall comprise the …” „… information, insider dealing, market manipulation Art. 7 MARCarsten Gerner-Beuerle 67367 …”

Article 3 Definitions S. 1236-1242

„… between the rating agency andthe issuer or a related third party.18A rating can be an inside information …” „… . Similarly, the information underlying a ratingmay constitute inside information. In principle, unlawful …” „… Arts 14(c) and 10 MAR.19 However, the disclosure of inside in-formation in the normal course of …”

Index S. 1785-1803

„… 9– ‘in possession’ of inside informationMAR 10 4– ‘in the conduct’ MAR 9 10Margin requirements …” „… .– inside information MAR 17 55 et seq.– market participants MAR 17 47 et seq., 51Empty voting TD 13 37 …” „… Offering (ICO)– application of MiFID II MiFID II 4 21 etseq.Inside information MAR 7 1 et seq., 8 23,17 …”

Article 19 Managers’ transactions S. 808-824

„… insider dealing.3 Sec-ondly, publication of such transactions is a highly valuable source of information …” „… inside information relating directly or indirectly to that entity andpower to take managerial decisions …” „… 19(11). However, the transaction could still be market manipulation or (if ithad inside information at …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 3627Unlawful disclosure of inside information …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 6670Chapter 2Inside information, insider dealing, unlawful disclosure of inside information …” „… andmarket manipulationInside information …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… transparent way. This is the result of the broad definitionof inside information under MAR.59Article 20(2 …” „… (unlawful disclosure of inside information), Art 12(1)(c)(market abuse by disseminating information through …” „… alteredrecommendation needs to include a reference to the place where the information re-garding the producer of the …”

Article 9 Sanctions for legal persons S. 637-640

„… inside information (Art 4 of MAD 2014),it must be at least two years imprisonment. Given that MAD 2014 is …” „… , unlawful disclosure of inside information, and mar-ket manipulation, as well as inciting, aiding and …” „… ed insider dealing and market manipulation, MAD 2014 leaves the precise demarcationbetween attempt …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… Kämmerer6789– Insider dealing or unlawful disclosure of inside information (Article 14);– Market …” „… 16(2));– Failure to publicly disclose inside information (Article 17(1),(2));– Violation of the rules …” „… of in-side information; market manipulation) in accordance with Article 30(2) subpara 1 (f).Even a …”

Article 22 Competent authorities S. 835-838

„… any such person with a view to obtain information;(c) in relation to commodity derivatives, to request …” „… , directly orindirectly, an advantage or profits from the disclosure or the dissemination of the infor-mation …” „… to regulatory principles: a history of insider dealing in theUK (Pt. 2)’ (2015) 36 Company Lawyer 163 …”

Article 1 Subject matter and scope S. 623-624

„… insider deal-ing, for unlawful disclosure of inside information and for market manipulationto ensure the …” „… European Parliament and of the Council (9);(4) ‘inside information’ means information within the meaning of …”

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations S. 312-315

„… request access to that infor-mation in accordance with the procedure, and under the conditions, set out in …” „… States the information re-ferred to in the first subparagraph.In relation to conduct that may indicate …” „… States shall require the market operator to supply the relevant informa-tion without undue delay to the …”

Article 3 Definitions S. 654-657

„… not a member of the bodies referred to inpoint (a), who has regular access to inside information …” „… to constitute insider dealing or market manipulation takes place on a tradingvenue (a regulated …” „… the subject of insider deal-ing or is affected by, or used in, a manipulative scheme, is (also) traded …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… “Moloney”); Barry Rider et al., Market Abuse and Insider Dealing (3rd edn, Bloomsbury 2016) (cited as“Rider …” „… European law, insider dealing,unlawful disclosure of insider dealing, and market manipulation.1 These …” „… and implementing technicalstandards.3 The European legislators integrated the rules on insider trading …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… due to suspected market abuse, a take-over bid orthe non-disclosure of inside information about the …” „… transactions or live orders, as well as unavailability of information indispensablefor trading; (9) any major …” „… suspension or removal is due tosuspected market abuse, a take-over bid or the non-disclosure of inside …”

Article 32 Reporting of infringements S. 865-868

„… procedure without prejudice to disclosure of infor-mation being required by national law in the context of …” „… pre-existinglegal or contractual duties to report such information, and provided that the in-formation is new, and …” „… advocated for a rule that would obli-gate Member States to provide for specific mechanisms for information …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… Art 2(j)(v) SSR) to use the best available infor-mation, and provides a non-exhaustive list of sources …” „… or types of information which maybe used for the purposes of calculating turnover. Under Art 6(2) of …” „… Klaus Ulrich Schmolke2345licly available information in preference to other sources of information, (b …”

Article 113 S. 622-623

„… establishes minimum rules for criminal sanctions for insider deal-ing, for unlawful disclosure of inside …” „… information and for market manipulationto ensure the integrity of financial markets in the Union and to …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… report, or where thedisclosure of inside information is delayed in accordance with Art 17 of the …” „… notifications, including all of the informa-tion they were provided with, to ESMA.13 ESMA monitors and assesses …” „… notifications in an electronic, downloadableand machine-readable form on its website, including the information …”

Article 4 Exemptions from the obligation to publish a prospectus S. 969-974

„… information stated therein and in caseof a base prospectus, for providing and filing final terms and no other …” „… a new prospectus. In that case, the financial intermediary should beliable for the information in …” „… the prospectus, including all information incorporated byreference and, in case of a base prospectus …”

Introduction S. 941-951

„… , ‘Blinded by the Light: InformationOverload and its Consequences for Securities Regulation’ (2003) 81 …” „… is based on the informational asymmetry that exists between the is-suer’s insiders and …” „… incentives to disclose informationare particularly weak. Finally, insiders will not be incentivised in …”

Article 66 Organisational requirements S. 351-357

„… allocation of capital and limits the risk of insid-er trading. The obligation to provide information in or …” „… (a) the means by which the CTP may comply with the information obligationreferred to in paragraphs …” „… 1 and 2;(b) the content of the information published under paragraphs 1 and 2;(c) the financial …”

Article 5 Half-yearly financial reports S. 1124-1131

„… more specific inside infor-mation or management reports.22Voluntary additional information provided by …” „… , issuers should assess whether the disclosed information falls underthe definition of inside information …” „… , compara-bility and in particular the accessibility and usability of published financial information,which should …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… inside information in vio-lation of Art 17 MAR.20 Suspension or removal is not required when it would …” „… must establish arrangementsto facilitate members’ or participants’ access to information required to be …” „… may not be obliged by that regulated market to pro-vide information pursuant to Art 51(3) MiFID II.24 …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… insider dealing and marketmanipulation (market abuse) and under Directive 2004/109/EC of the …” „… relation to information about issuers whose secu-rities are admitted to trading on a regulated market, and …” „… ) security issuers are subject to periodic and ongoing information require-ments ensuring a high level of …”

Article 20 Investment recommendations and statistics S. 824-833

„… the result of the broad definitionof inside information under MAR.59Article 20(2) applies to official …” „… informationUnder Art 3(1)(35), an ‘investment recommendation’ refers to any information rec-ommending or suggesting …” „… of the recommendation (or other relevant information)is immaterial. As ESMA has emphasised, any …”

Article 9 Outsourcing S. 1276-1277

„… deemed to be inside information as defined in, andin accordance with, Directive 2003/6/EC.Article 6(3) of …” „… that enjoy national expertise but do not operate across theEU are listed with additional information …” „… since 2014 in order to allow issuers to consideradditional factors.5 The additional information consists …”

Article 33 Exchange of information with ESMA S. 868-869

„… the disclosure of infor-mation. What is highly unsatisfactory is that the incentive is confined to the …” „… notifica-tion of information that is new and that eventually results in an administrative mea-sure or sanction …” „… . The whistleblower will thus have to take a high risk: If therelevant information happens to be already …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… the information pursuant to Art 23 or the lack thereof remains subject to national …” „… ofthe AIFs it manages.It shall provide information on the main instruments in which it is trading …” „… risk, liquidity risk, counterpartyrisk and other risks including operational risk;(d) information on …”

Article 18 S. 590-591

„… include e.g. when there are strong price fluctuationswithout objective reasons or insider trading or …” „… market manipulation,1 misleading or in-sufficient ad hoc reports,2 other cases of inadequate information …” „… information within that period,within six months of the applicant's supplying such information.3. Failure to …”

Article 25 Obligation to cooperate S. 844-846

„… implementing technical standards to determine the proceduresand forms for exchange of information as referred …” „… powersto liaise with judicial authorities within their jurisdiction to receive specific in-formation …” „… on a request for information or a re-quest to cooperate with an investigation only in the following …”

Article 17 S. 588-590

„… II. CommentaryDuty to provide informationArticle 16(1) requires an issuer whose securities are …” „… admitted to official listing to pro-vide the relevant NCAs with all the information which the latter …” „… of anNCA to request information corresponds with the duty of the issuer to provide such in-formation …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… information under paragraph 1of this Article to investment firms which are obliged to publish the details …” „… transaction information on a trading venueare specified in Art 14(1) of the Commission Delegated Regulation …” „… (EU) 2017/587. Dur-ing a trading venues´ trading hours, information has to be made public as close to …”

Article 26 Cooperation with third countries S. 846-849

„… that acts, whichconstitute insider dealing, unlawful disclosure of information or market manip-ulation …” „… . Competent authorities shall cooperate and exchange information with relevantnational and third-country …” „… and exchange of information between competent authorities and regula-tory authorities in other Member …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… due to suspected market abuse, a take-over bid orthe non-disclosure of inside information about the …” „… and to the competent au-thorities of the other Member States the information referred to in the first …” „… undue delay the information re-ferred to in paragraph 2 to the authority competent for the investigation …”

Article 9 Method of notification and disclosure S. 903-906

„… published.7 Both, Art 9(3) and Art 9(4) SSR are aimed at prevent-ing insider trading on the information of …” „… to whom the relevant position must be notified.3. The notification of information to a relevant …” „… competent authority shall ensurethe confidentiality of the information and incorporate mechanisms for …”

Article 49 Withdrawal of registration S. 572-574

„… of markets (for instance, engage in market abuse or insider trading).Those are infringements that in …” „… shares, their list-ing on stock exchanges, and the disclosing related information: EU Directives viewed …” „… related information: EU Directives viewed from the perspective of Croatian legislation’(1999) 25 Review of …”

Article 48 Register S. 571-572

„… Article 46.The register shall be publicly accessible on the website of ESMA and shall contain in-formation …” „… investors or the or-derly functioning of markets (for instance, engage in market abuse or insider …”

Article 6 Report on payments to governments S. 1131-1135

„… whether the disclosed information falls underthe definition of inside information according to MAR Article …” „… from EU based firms, investors may turn to information providedby US peer firms which can lead to …” „… does not exclude thepossibility that any additional information may be required under sectoral EU …”

Article 10 Disclosure and presentation of credit ratings S. 1277-1280

„… and informationrelating thereto, they shall be deemed to be inside information as defined in, andin …” „… securityplays an increasingly important role in markets which rely on digital information. ESMAhas stated that …” „… it is ‘of the opinion that information security is not always adequatelyconsidered in outsourcing …”

Introduction S. 1466-1467

„… requirements as well as transparency requirements, in particular in the form ofmandatory information to be …” „… comprehensive regulatory framework for activities by AIFM and AIF domiciledoutside of the EU inside the EU, be …”

Article 112 a Implementing legislation by European Commission S. 1465-1466

„… requirements, in particular in the form ofmandatory information to be provided prior to an investment and …” „… for activities by AIFM and AIF domiciledoutside of the EU inside the EU, be it in the form of the …”

Article 53 Access to a regulated market S. 308-312

„… bid or the non-disclosure of inside information in vio-lation of Art 17 MAR.20 Suspension or removal …” „… competent authority of the home Member State shall communicatethat information to the Member State in which …” „… that in-formation in accordance with the procedure and under the conditions set out inArticle 35 of …”

Article 23 Powers of competent authorities S. 838-843

„… principals, and if necessary, to summonand question any such person with a view to obtain information;(c) in …” „… disclosed information,including by requiring an issuer or other person who has published or dis-seminated …” „… information.ContextWhereas Article 22 requires Member States to designate a single authority, Article 23contains a list of …”

Article 34 Publication of decisions S. 869-874

„… standards to determine the proceduresand forms for exchange of information as referred to in this …” „… proce-dures for submitting information to ESMA on administrative or criminal sanctions, theadministrative or …” „… infor-mation with the European Securities Market Authority as referred to in Article 33 of Regulation (EU) No …”

Article 1 Subject matter S. 1231-1234

„… information to be submitted to ESMA by Credit Rating Agencies of 23 June 2015, ESMA/2015/609; ESMA, Guidelines …” „… WpHG (2nd edn, Heymann 2014); Hopt K J andKumpan Ch, ‘§ 107 Insider- und Ad-hoc-Publizitätsprobleme …” „… the financial information provided to rating agencies was clearand correct, ratings activities needed …”

Article 47 Equivalence decision S. 566-571

„… rules;(e) it ensures market transparency and integrity by preventing market abuse inthe form of insider …” „… mechanism for the exchange of information between ESMA and thecompetent authorities of third countries …” „… Markets and Services566 Dirk Zetzschecomply with the information requirements for the cross-border …”

Article 46 General provisions S. 560-566

„… the applicant third-country firm isto provide additional information.The registration decision shall …” „… requirementsdescribed in Article 47(1).The applicant third-country firm shall provide ESMA with all information …” „… country.Art. 46 MiFIR 1. Security Markets and Services560 Dirk ZetzscheThe information in the first …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… positions of persons;(b) access information, including all relevant documentation, from personsabout the …” „… size and purpose of a position or exposure entered into, informa-tion about beneficial or underlying …” „… management controls.The competent authority shall communicate the same information as well as thedetails of …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… any false information.20Recipient of the reportsThe information is to be addressed to the competent …” „… firm in question. The information shall be shared with the competent authoritywhere most of the …” „… .23The competent authority has to make the information available to ESMA on re-quest.24 ESMA can also …”

Article 24 General principles and information to clients S. 157-180

„… instruments orclient funds), Art 50 (information on costs and associated charges), Art 51 (informationprovided …” „… informationmust be sufficient for.37 Furthermore, information must not disguise, diminish or ob-scure important …” „… General principles and information to clients1. Member States shall require that, when providing …”

Article 2 Definitions S. 1104-1114

„… authorities) from the information obligations speci-fied in Article 18(2), (3) and (4). A large number of …” „… require their national centralbanks to disclose the information normally required by Article 17 when …” „… different from the home Member State;(k) ‘regulated information’ means all information which the issuer, or …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… on request that natural persons giving investment adviceor information about financial instruments …” „… advice or portfolio management the investmentfirm shall obtain the necessary information regarding the …” „… in paragraph 2, ask the client or potentialclient to provide information regarding that person’s …”

Article 1 Scope and UCITS definition S. 1304-1317

„… Dominik Nastdurch Informationsblätter und Key Investor Information Documents?’, Zeitschrift für Bankrecht …” „… information, known as the UCITS Key Investor Information Document (‘KIID’).Further rules on market timing and …” „… other insider dealing were added in response to USexperiences.The financial crisis of 2008 (that brought …”

Article 16 Organisational requirements S. 65-120

„… that may giverise to a conflict of interest, or who has access to inside in-formation within the …” „… information;(c) it conflicts or is likely to conflict with an obligation ofthe investment firm under Directive …” „… appropriate information on the financial instrument and theproduct approval process, including the identified …”

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Unboxing IT

Christopher McCay

2016

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Preface S. i-xviii

„… Unboxing ITUnboxing ITA Look Inside the InformationTechnology Black BoxChristopher McCayROWMAN …” „… : Unboxing IT : a look inside the information technology black box / Christopher McCay.Description: Lanham …” „… means, including information storage and retrieval systems,without written permission from the publisher …”

IV: How Do We Build the Box? S. 67-102

„… last without this baseline information.Once the gaps have been found, it is important to prioritize the …” „… can bederived from a study of information technology.Project management, as it is currently practiced …” „… under-stand how all of the pieces can, and should, interact.COBITControl objectives for information and …”

VI: Your Personal Box S. 113-128

„… time.Chapter 17126EVOLUTION OF INFORMATIONThe sheer volume of information available to us thanks to the …” „… digital information presented to us to form thoughts andopinions of each other. And no matter what the …” „… that information is.As such, while it is never a good idea to live a life of seclusion andparanoia, it …”

III: The Walls of the Box S. 35-66

„… informationabout what the problem is. Some systems are designed to take this infor-mation and find the appropriate …” „… general information area in the settings that hasthis information.Your OS can be found in the main …” „… wondered how the information gets fromthe ether that is “the Internet” to your laptop as you are browsing …”

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RiA Recht in Afrika | Law in Africa | Droit en Afrique

Browse Volumes: RiA Recht in Afrika | Law in Africa | Droit en Afrique

RiA Volume 17 (2014) Issue 1 ISSN Online: 2363-6270

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Hanifa T. Massawe, Mwajuma Kadilu Combatting Insider Trading in Tanzania: The Adequacy of the Capital Markets and Securities Act of 1994 and the Companies Act of 2002 S. 52-63

„… group that is able to gain such privileged information about a company. Insiders can include directors …” „… and to make insiders gain considerable profits based on unfair access to information 1.2 1 O’Hara, A …” „… information advantage. Massawe / Kadilu, Combatting Insider Trading in Tanzania 53 about the company.7 …”

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Die Nutzung einer Insiderinformation und legitime Handlungen

Jan-Willem Koldehofe

Series: Schriften zum Gesellschafts-, Bank- und Kapitalmarktrecht

Volume 85 2021

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1. Teil: Teleologische Grundlagen S. 30-84

„… werden, die den Marktkurs beeinflussen.58 Insider Insider nutzen wie Informationshändler Informationen …” „… irrationalen Verhaltens.90 Informationshändler Informationshändler nutzen wie Insider Informationen, um …” „… : Ventoruzzo/Mock MAR, A.2.19. 2 Manne argumentierte insbesondere damit, dass Insider Informationen in Marktkurse …”

2. Teil: Die Nutzung einer Insiderinformation und legitime Handlungen S. 85-266

„… „Ausnutzung von Insider-Informationen“. Angesichts der anderslautenden Sprachfassungen (engl.: „use of inside …” „… die Gesetzesbegründung, dass eine „Verwendung“ erfordere, dass der Insider die Information „in sein …” „… Insiderinformation bedeute, dass die Information kausal für den Entschluss des Insiders gewesen sein musste.24 …”

3. Teil: Die „Nutzung“ von Insiderinformationen bei M&A-Transaktionen S. 267-372

„… “ Insiderinformation erlangt, wobei die Kenntnis der „positiven“ Information den Insider veranlasst, trotz der …” „… privilégiée et en fait usage“).63 Die englische Sprachfassung, die von „inside information“ spricht, enthält …” „… untersagen Personen im Sinne von Unterabsatz 2, die über eine Insider-Information verfügen, unter Nutzung …”

Literaturverzeichnis S. 373-391

„… , Mohammed/Sultan, Jahangir: „Ethical Reasoning and the Use of Insider Information in Stock Trading”, in: 37 (2 …” „… (2000) Blachnio-Parzych, Anna: „The Use of Inside Information”, in: Eucrim: The European Criminal Law …” „… Kursstützung; Ausnutzung einer Insider-Information“, in: wbl 2007, S. 475–478 Fuhrmann, Ben W …”

Einleitung S. 23-29

„… , BKR 2013, 133. 19 Engl. Sprachfassung: „possesses inside information“; Art. 9 MAR wählt jeweils den …” „… Einleitung „Der wichtigste Gebrauchsgegenstand, den ich kenne, ist die Information“.1 Mit diesen …” „… Fox zu Insidergeschäften verleitet, treffend den Wert unveröffentlichter kursrelevanter Informationen …”

Titelei/Inhaltsverzeichnis S. 1-22

„… Insider aa) 159 Regelmäßige „Einpreisung“ durch Aufhebung der Informationsasymmetrie bb) 161 Umsetzung …” „… Noise tradersc) 46 Informationshändlerd) 46 Zwischenergebnise) 48 Informationshändler als „Mechanismus …” „… Ausgangspunkt der Prüfung1. 191 Kausalität der Information als notwendige Bedingung a) 192 Ablehnung der …”

doi.org/10.5771/9783748924807

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Ad-hoc-Publizität und Related Party Transactions nach ARUG II

Helene Maskow

Series: Schriften zum europäischen, internationalen und vergleichenden Unternehmensrecht

Volume 25 2024

Results in this title

C. Ad-hoc-Publizität und Related Party Transactions S. 125-316

„… , ob es sich bei der RPT um eine Insider‐information handelt, deutlich komplexer als dies der Wortlaut …” „… Informationen zur Angemessenheit der Insider-RPT gem. § 111cAbs. 3 S. 1, Abs. 2, S. 3, S. 4 AktG dagegen nur …” „… , § 13 Rn. 40.I. Von der RPT zur Insider-RPT129mation.661 Begründet die Information unter gar keinen …”

D. Endfazit S. 317-320

„… Ad-hoc-Mitteilung sind neben der Insider‐information über die RPT auch die RPT-spezifischen Angaben zur …” „… gegen die Tochtergesellschaft auf Weiterleitung derInformationen zur Insider-RPT.10. Die speziellen …” „… . Insiderinformationen im Zusammenhang mit der Insider-RPT könnenbereits in einem frühen Stadium ad-hoc-pflichtig gem …”

Titelei/Inhaltsverzeichnis S. 1-26

„… §§ 111a bis c AktGc)122Ad-hoc-Publizität und Related Party TransactionsC. 125Von der RPT zur Insider …” „… -RPTI. 126Präzise Informationen gem. Art. 7 Abs. 1 lit. a, Abs. 2 MARund RPT1.127„Präzise“ als abstrakter …” „… Informationen (Art. 7 Abs. 2 MAR) und RPTc) 131Anhaltspunkte für Insiderinformationen bei RPTaa) 132 …”

A. Bekannte Probleme und neue Herausforderungen S. 27-32

„… Folgenden eine RPT, die die Voraussetzungen der Insider‐information gem. Art. 7 Abs. 1 lit. a MAR erfüllt.14 …” „… beiderVeröffentlichungspflichten zueinander.Die Arbeit untersucht anschließend, ob die Informationen zur Insider-RPT einem Aufschub …” „… (Informations-)Vorteile zu Lasten Dritter minimieren: Markt‐schutz durch Transparenz schafft die in die Market Abuse …”

Literaturverzeichnis S. 321-339

„… , Kapitalmarktdeliktsrecht, Tübingen 2008.Hellgardt, Alexander, The notion of inside information in the Market Abuse …” „… einer gestreckten Entscheidungals Insider-Information, BB 2012, S. 1817–1821.Kohl, Torsten/Meyer, Marco …” „… Insider-Information, hier: Ausscheiden des Vorstandsvorsitzenden vonDaimler („Geltl“), ZIP 2012, S. 1282–1288.Schiessl …”

B. Art. 17 Abs. 1 UAbs. 1 MAR und §§ 111a bis 111c, 107 Abs. 3 S. 4 bis 6 AktG S. 33-124

„… – Delay in the disclosure of inside information v. 20.10.2016,ESMA/2016/1478; im Detail: ESMA, Final …” „… von Insiderinformationen entzieht Insidern dagegenpräventiv den wirtschaftlichen Informationsvorteil34 …” „… insbesondere als Informations‐quelle der share- und stakeholder112. Das RPT-Regime wird außerdemdurch ein rein …”

doi.org/10.5771/9783748919735

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