commiss direct ec april implement direct ec european parliament council accept market practic definit insid inform relat deriv commod draw list insid notif manag transact notif suspici transact text eea relev commiss european commun regard treati establish european commun regard direct ec european parliament council januari insid deal market manipul market abus paragraph point point articl fourth seventh indent articl thereof consult committe european secur regul cesr technic advic practis fair effici market particip requir order creat prejudic normal market activ market integr market practic inhibit interact suppli demand limit opportun market particip respond transact creat higher risk market integr accept compet author hand market practic enhanc liquid accept practic reduc market practic breach rule regul design prevent market abus code conduct accept compet author market practic chang rapidli order meet investor compet author alert emerg market practic transpar market practic market particip crucial market practic accept compet author transpar practic accept practic regul market structur reason transpar similar practic regul market practic consid unaccept compet author market practic market put risk market integr directli indirectli relat market commun market regul higher risk market integr relat market commun practic accept compet author compet author accept market practic consult compet author case exist compar market scrutini circumst market practic deem accept market unaccept compar market commun case discrep market practic accept member state discuss place committe european secur regul order find solut regard decis accept compet author ensur high degre consult transpar vi vi market particip end user essenti market particip deriv market underli financi instrument greater legal certainti constitut insid inform establish issuer person act behalf account list person work contract employ access insid inform relat directli indirectli issuer valuabl measur protect market integr list serv issuer person control flow insid inform manag confidenti duti list constitut tool compet author monitor applic market abus legisl identifi insid inform insid access date gain access thereto issuer compet author access insid inform relat directli indirectli issuer person includ list prejudic duti refrain insid deal basi insid inform defin direct ec notif transact conduct person discharg manageri respons issuer account person close valuabl inform market particip constitut addit mean compet author supervis market oblig senior execut notifi transact prejudic duti refrain insid deal basi insid inform defin direct ec notif transact accord rule transfer person data laid direct ec european parliament council octob protect individu regard process person data movement data notif suspici transact person profession arrang transact financi instrument compet author requir suffici indic transact constitut market abus transact give reason ground suspect insid deal market manipul involv transact complet void suspici deliv indic market abus perspect transact behaviour inform direct respect fundament right observ principl recognis charta fundament right european union articl european convent human right measur provid direct accord opinion european secur committe adopt direct articl definit purpos appli articl direct ec quot person discharg manageri respons issuer quot person member administr manag supervisori bodi issuer senior execut member bodi refer point regular access insid inform relat directli indirectli issuer power make manageri decis affect futur develop busi prospect issuer person close person discharg manageri respons issuer financi instrument spous person discharg manageri respons partner person consid nation law equival spous nation law depend children person discharg manageri respons rel person discharg manageri respons share household person year date transact concern legal person trust partnership manageri respons discharg person refer point articl letter point directli indirectli control person set benefit person econom interest substanti equival person quot person profession arrang transact quot invest firm credit institut quot invest firm quot person defin articl council direct eec quot credit institut quot person defin articl direct ec european parliament council quot compet author quot compet author defin articl direct ec articl factor account market practic purpos appli paragraph point point articl direct ec member state ensur exhaust factor account compet author prejudic collabor author assess accept market practic level transpar relev market practic market safeguard oper market forc proper interplai forc suppli demand degre relev market practic impact market liquid effici degre relev practic take account trade mechan relev market enabl market particip react properli time manner market situat creat practic risk inher relev practic integr directli indirectli relat market regul relev financi instrument commun outcom investig relev market practic compet author author mention articl direct ec relev market practic breach rule regul design prevent market abus code conduct market question directli indirectli relat market commun structur characterist relev market includ regul type financi instrument trade type market particip includ extent retail investor particip relev market member state ensur compet author safeguard refer point subparagraph analys impact relev market practic main market paramet specif market condit carri relev market practic weight averag price singl session daili close price member state ensur practic emerg market practic assum unaccept compet author simpli previous accept member state ensur compet author review regularli market practic accept take account signific relev market environ trade rule market infrastructur articl consult procedur disclosur decis purpos appli paragraph point point articl direct ec member state ensur procedur set paragraph articl observ compet author accept continu accept market practic prejudic articl direct ec member state ensur compet author accept market practic concern consult relev bodi repres issuer financi servic provid consum author market oper consult procedur includ consult compet author exist compar market structur volum type transact member state ensur compet author publicli disclos decis accept market practic concern includ descript practic member state ensur compet author transmit decis committe european secur regul make immedi websit disclosur includ descript factor account determin relev practic regard accept conclus reach accept practic member state market investigatori action specif case start consult procedur set paragraph delai end investig relat sanction market practic accept consult procedur set paragraph chang consult procedur articl insid inform relat deriv commod purpos appli paragraph point articl direct ec user market deriv commod trade deem expect receiv inform relat directli indirectli deriv routin made user market requir disclos accord legal regulatori provis market rule contract custom relev underli commod market commod deriv market articl list insid purpos appli subparagraph articl direct ec member state ensur list insid includ person cover articl access insid inform relat directli indirectli issuer regular occasion basi list insid state ident person access insid inform reason person list date list insid creat updat list insid promptli updat chang reason person list person ad list mention person list longer access insid inform member state ensur list insid year drawn updat member state ensur person requir draw list insid measur ensur person list access insid inform acknowledg legal regulatori duti entail awar sanction attach misus improp circul inform articl manag transact purpos appli articl direct ec prejudic member state provid notif oblig cover articl member state ensur transact relat share admit trade regul market deriv financi instrument link conduct account person refer articl point notifi compet author rule notif person compli member state issuer regist notif made work dai transact date compet author member state issuer regist member state notif made compet author member state requir file annual inform relat share accord articl direct ec member state decid total amount transact reach thousand euro end calendar year notif requir notif delai januari year total amount transact comput sum transact conduct account person refer articl point transact conduct account person refer articl point notif inform person discharg manageri respons issuer applic person close person reason respons notifi relev issuer descript financi instrument natur transact acquisit dispos date place transact price volum transact articl suspici transact notifi purpos appli articl direct ec member state ensur person refer articl point decid case case basi reason ground suspect transact involv insid deal market manipul take account element constitut insid deal market manipul refer articl direct ec commiss direct ec implement direct ec definit public disclosur insid inform definit market manipul articl direct prejudic articl direct ec person profession arrang transact subject rule notif member state regist head offic case branch member state branch situat notif address compet author member state member state ensur compet author receiv notif suspici transact transmit inform immedi compet author regul market concern articl timefram notif member state ensur event person refer articl point awar fact inform reason ground suspicion relev transact make notif delai articl content notif member state ensur person subject notif oblig transmit compet author inform descript transact includ type order limit order market order characterist order type trade market block trade reason suspicion transact constitut market abus mean identif person behalf transact carri person involv relev transact capac person subject notif oblig oper account behalf parti inform signific review suspici transact inform time notif notif includ reason notifi person suspect transact constitut insid deal market manipul remain inform provid compet author articl mean notif member state ensur notif compet author mail electron mail telecopi telephon provid case confirm notifi written form request compet author articl liabil profession secreci member state ensur person notifi compet author refer articl inform person person behalf transact carri parti relat person notif virtu provis laid law fulfil requir involv notifi person liabil kind provid notifi person act good faith member state ensur compet author disclos person ident person notifi transact disclosur harm person notifi transact provis prejudic requir enforc sanction regim direct ec rule transfer person data laid direct ec notif good faith compet author refer articl constitut breach restrict disclosur inform impos contract legisl regulatori administr provis involv person notifi liabil kind relat notif articl transposit member state bring forc law regul administr provis compli direct octob latest forthwith commun commiss text provis correl tabl provis direct member state adopt provis refer direct accompani refer occas offici public member state determin refer made member state commun commiss text main provis nation law adopt field cover direct articl entri forc direct enter forc dai public offici journal european union articl addresse direct address member state brussel april commiss frederik bolkestein member commiss oj cesr establish commiss decis ec june oj oj oj oj oj