Manažerské transakce v nařízení MAR
Managerial Transactions in the Market Abuse Regulation

Summary/Abstract: The paper focuses on the open questions of the regulation of so-called managerial transactions in the Market Abuse Regulation (MAR). In the first part, it critically examines the proclaimed objectives of the regulation, which are not entirely consistent with the archetype of regulation, i.e. the US regulation, and their defensibility is empirically or value contested. The next section analyses the chosen system of post-trade disclosure, primarily in terms of the definition of obligated persons, which is expansive and largely includes persons standing outside the issuer. For reported trades, the paper will focus on selected contentious issues, whether in the regulation of the types of reported trades, the possibility of using portfolio management or the introduction of a de minimis rule. The last part of the paper is devoted to the modification of exemptions from the prohibition on trading during so-called closed periods.

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