MAR 1.1 Application and interpretation

This chapter is relevant to all persons seeking guidance on the market abuse regime.

This chapter provides guidance on the Market Abuse Regulation. It is therefore likely to be helpful to persons who:

1. (1)

   want to avoid engaging in market abuse; or

2. (2)

   want to determine whether they are required by article 16 of the Market Abuse Regulation to report a transaction or order to the FCA as a suspicious one.

The FCA's statement of policy about the imposition, duration and amount of penalties in cases of market abuse (required by section 124 of the Act) is in DEPP 6.

1. (1)

   Assistance in the interpretation of MAR 1 (and the remainder of the Handbook) is given in the Readers' Guide to the Handbook and in GEN 2 (Interpreting the Handbook). This includes an explanation of the status of the types of provision used (see in particular chapter six of the Readers' Guide to the Handbook).

2. (2)

   [deleted]

This chapter does not exhaustively describe all types of behaviour that may indicate market abuse. In particular, the descriptions of behaviour should be read in the light of:

1. (1)

   the elements specified by the Market Abuse Regulation as making up the relevant type of market abuse; and

2. (2)

   any relevant descriptions of behaviour specified by the Market Abuse Regulation which do not amount to market abuse; and

3. (3)

   any provisions in the MAR Level 2 Regulations, and any applicable guidelines made by ESMA in force before IP completion day.

This chapter does not exhaustively describe all the factors to be taken into account in determining whether behaviour amounts to market abuse. The absence of a factor mentioned does not, of itself, amount to a contrary indication.

For the avoidance of doubt, it should be noted that any reference in this chapter to "profit" refers also to potential profits, avoidance of loss or potential avoidance of loss.

References are made in this chapter to provisions in the Market Abuse Regulation and provisions in the MAR Level 2 Regulations to assist readers. The fact that other provisions of the Market Abuse Regulation and other provisions in the MAR Level 2 Regulations have not been referred to does not mean that they would not also assist readers or that they have a different status.