Everything you need to know about Market Abuse Regulation (MAR)
1. How does this set of rules impact issuers of securities listed on LuxSE markets?
Market abuse rules are applicable to issuers of securities admitted to trading, or for which a request for admission to trading has been made, on the EU-regulated market of the Luxembourg Stock Exchange (LuxSE), the “Bourse de Luxembourg”, or on LuxSE’s Euro MTF, the “Euro MTF”.
Overall, there are three primary obligations for issuers of securities listed on LuxSE markets:
- Disclosure of inside information - Article 17, MAR
- Insider lists - Article 18, MAR
- Managers’ transactions - Article 19, MAR
2. What are the requirements for issuers listing on LuxSE markets in terms of ad hoc disclosure?
Under MAR, issuers with securities listed on LuxSE markets have, inter alia, an obligation to ensure the disclosure of inside information.
In the event that disclosing inside information could have a negative impact on the issuers and could ‘prejudice the legitimate interests of the issuer’, it is permitted under conditions to delay the public disclosure1. Such a delay is subject to a written notification to the national competent authority (CSSF).
_____________________________
1 MAR Article 17 (4), in derogation of Article 17 (1) and (2)
3. How should inside information be 'publicly disclosed'?
Inside information should be made public in a manner which enables fast access and complete, correct, timely assessment of the information by the public and, where applicable, in the officially appointed mechanism (OAM)2.
In addition, the information must be made available on the issuers' website for a period of 5 years2.
LuxSE provides the storage of this data through its OAM service (as well as assisting issuers with the filing of information with the CSSF) for issuers registered in Luxembourg and subject to the Transparency Directive/Law. LuxSE may also assist any issuers, regardless of whether they are subject to the Transparency Directive/Law or not, and regardless of their Member State, with its FNS services for dissemination of information.
_____________________________
2 MAR Article 17 (1)
4. What obligations do issuers with securities listed on LuxSE markets have in terms of insider lists?
Issuers must provide, upon request of the CSSF, and as soon as possible, a current list of all people who have access to inside information (Insider Lists3). The original list, and any subsequent updates, must be retained by the issuers for at least 5 years4.
When such list is requested, the issuers must ensure it is up to date and must use the template and communication protocols required by the CSSF, as described on their website.
_____________________________
3 MAR Article 18 (1)
4 MAR Article 18 (5)
5. What obligations do issuers with securities listed on LuxSE markets have in terms of 'managers transactions'?
Issuers must ensure that persons discharging managerial responsibilities (PDMR) and persons closely associated with them notify the issuers and the national competent authority (CSSF) of every transaction executed on their own account relating to the issuers' financial instruments. The issuers must then publicly disclose these transactions5.
Notification to CSSF is to be made using the template and communication protocols required as described on their website.
_____________________________
5 MAR Article 19
6. When and how must the manager's transactions be publicly disclosed?
PDMR must notify the issuers and the CSSF no later than 3 business days6 after the date of the transaction.
Upon receipt of such notifications, the issuers shall make that information public within two business days. Issuers must use a reliable media to disseminate managers’ transactions to the public and, where applicable, use the OAM7.
LuxSE provides the storage of this data through its OAM service (as well as assisting issuers with the filing of information with the CSSF) for issuers registered in Luxembourg and subject to the Transparency Directive/Law. LuxSE may also assist any issuers, regardless if they are subject to the Transparency Directive/Law or not, and regardless of their Member State, with its FNS services for dissemination of information.
_____________________________
6 MAR Article 19 (1)
7 MAR Article 19 (3) §2
Last updated on 27 January 2026
