commiss direct ec decemb implement direct ec european parliament council definit public disclosur insid inform definit market manipul 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 articl indent articl thereof consult committe european secur regul cesr technic advic reason investor base invest decis inform ant inform question make invest decis reason investor account piec inform apprais basi ant inform assess consider anticip impact inform light total relat issuer activ reliabl sourc inform market variabl affect relat financi instrument deriv financi instrument relat thereto circumst post inform check presumpt ant inform price sensit action drew reason conclus ant inform legal certainti market particip enhanc closer definit element essenti definit insid inform precis natur inform signific potenti effect price financi instrument relat deriv financi instrument protect investor requir time public disclosur insid inform issuer requir disclosur fast synchronis categori investor member state issuer request approv admiss financi instrument trade regul market order guarante commun level equal access investor inform prevent insid deal end member state offici appoint mechan disclosur order protect legitim interest issuer permiss close defin specif circumst delai public disclosur insid inform protect investor requir case inform confidenti order prevent insid deal order guid market particip compet author signal account examin possibl manipul behaviour measur provid direct accord opinion european secur committe adopt direct articl insid inform purpos appli point articl direct ec inform deem precis natur set circumst exist expect exist event occur expect specif enabl conclus drawn effect set circumst event price financi instrument relat deriv financi instrument purpos appli point articl direct ec quot inform made public signific effect price financi instrument relat deriv financi instrument quot inform reason investor part basi invest decis articl mean time limit public disclosur insid inform purpos appli articl direct ec articl articl direct ec european parliament council appli member state ensur insid inform made public issuer manner enabl fast access complet correct time assess inform public addit member state ensur issuer combin manner mislead provis insid inform public market activ member state ensur issuer deem compli subparagraph articl direct ec come exist set circumst occurr event albeit formalis issuer promptli inform public thereof signific publicli disclos insid inform publicli disclos promptli occur channel public disclosur origin inform member state requir issuer reason care ensur disclosur insid inform public synchronis close categori investor member state issuer request approv admiss trade financi instrument regul market articl legitim interest delai public disclosur confidenti purpos appli articl direct ec legitim interest relat exhaust circumst negoti relat element outcom normal pattern negoti affect public disclosur event financi viabil issuer grave immin danger scope applic insolv law public disclosur inform delai limit period public disclosur jeopardis interest exist potenti sharehold undermin conclus specif negoti design ensur long term financi recoveri issuer decis contract made manag bodi issuer approv bodi issuer order effect organis issuer requir separ bodi provid public disclosur inform approv simultan announc approv pend jeopardis correct assess inform public purpos appli articl direct ec member state requir order ensur confidenti insid inform issuer control access inform issuer establish effect arrang deni access inform person requir exercis function issuer issuer measur ensur person access inform acknowledg legal regulatori duti entail awar sanction attach misus improp circul inform issuer place measur public disclosur case issuer ensur confidenti relev insid inform prejudic subparagraph articl direct ec articl manipul behaviour relat fals mislead signal price secur purpos appli point articl direct ec prejudic exampl set paragraph point thereof member state ensur exhaust signal necessarili deem constitut market manipul account transact order trade examin market particip compet author extent order trade transact undertaken repres signific proport daili volum transact relev financi instrument regul market concern activ lead signific chang price financi instrument extent order trade transact undertaken person signific bui sell posit financi instrument lead signific price financi instrument relat deriv underli asset admit trade regul market transact undertaken lead chang benefici ownership financi instrument admit trade regul market extent order trade transact undertaken includ posit revers short period repres signific proport daili volum transact relev financi instrument regul market concern signific price financi instrument admit trade regul market extent order trade transact undertaken concentr short time span trade session lead price chang subsequ revers extent order trade chang represent bid offer price financi instrument admit trade regul market gener represent order book market particip remov execut extent order trade transact undertaken specif time refer price settlement price valuat calcul lead price effect price valuat articl manipul behaviour relat employ fictiti devic form decept contriv purpos appli point articl direct ec prejudic exampl set paragraph point thereof member state ensur exhaust signal necessarili deem constitut market manipul account transact order trade examin market particip compet author order trade transact undertaken person preced dissemin fals mislead inform person person link order trade transact undertaken person person person link produc dissemin research invest recommend erron bias demonstr influenc materi interest 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 decemb commiss frederik bolkestein member commiss oj cesr establish commiss decis ec oj oj