Pääsy PDF-dokumenttiin vaatii sisäänkirjautumisen.
Handelsförbud för personer i ledande ställning i ljuset av förbud mot insiderhandel – Bör regleringen ändras?Luhtanen, Julie
Opinnäytetyöt 15.11.2021, Gradut ja muut tutkielmat
This Master’s thesis discusses whether the prohibition of transactions conducted by persons discharging managerial responsibilities (PDMRs) according to Article 19.11 of the European Union (EU) Market Abuse Regulation (MAR) should be reformed. The Article imposes a closed period of 30 calendar days prior to the announcement of a financial report which the issuer is obligated to make public where PDMRs within the issuer are prohibited from trading with financial instruments that are linked to the issuer. However, the prohibition shall apply without prejudice to the prohibition of insider dealing of Article 14 of the MAR. The articles overlap in a situation where a PDMR conducts transactions during the closed period.
The conclusions of this thesis are the following. The prohibition of insider dealing in Article 14 is Kaldor-Hicks efficient, and therefore economically effective, as the total welfare in the society benefits from the provision as investor protection and confidence in the financial markets is enhanced and market abuse decreases. However, the ban on transactions conducted by PDMRs is neither Pareto efficient nor Kaldor-Hicks efficient, as the prohibition doesn’t affect the markets in a way that would decrease market abuse, due to the Article 14 that also includes PDMRs. Considering this, the prohibition of transactions conducted by PDMRs doesn’t fulfill its aim to prevent insider dealing and is therefore inefficient. As a result of this, a reform should be made. Three alternative changes to legislation are suggested: deregulation of Article 19.11, shortening of the closed period of 30 days and finally, expanding the exemptions of the prohibition.
- EPNAs (EU) N:o 596/2014 markkinoiden väärinkäytöstä (markkinoiden väärinkäyttöasetus) sekä Euroopan parlamentin ja neuvoston direktiivin 2003/6/EY ja komission direktiivien 2003/124/EY, 2003/125/EY ja 2004/72/EY kumoamisesta 16.4.2014
- EPNAs (EU) N:o 600/2014 rahoitusvälineiden markkinoista sekä asetuksen (EU) N:o 648/2012 muuttamisesta 15.5.2014 (MiFIR-asetus, EU:n rahoitusvälineiden markkinat -asetus)