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Official Journal EN
of the European Union L series
2026/788 16.7.2026
COMMISSION DELEGATED REGULATION(EU) 2026/788
of 8 April 2026
amending Delegated Regulation (EU) 2016/522 as regards the permission for trading during closed
periods, the list of designated trading venues that have a significant cross-border dimension in the
supervision of market abuse, and the indicators of market manipulation
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market
abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission
Directives 2003/124/EC, 2003/125/EC and 2004/72/EC(1), and in particular Article 12(5), Article 19(13), and
Article 25a(7) thereof,
Whereas:
(1) Article 19(11) of Regulation (EU) No 596/2014 prohibits persons discharging managerial responsibilities from
trading certain financial instruments during a period of 30 calendar days before the issuer’s financial reporting
(closed period), unless an exemption applies. Regulation (EU) 2024/2809 of the European Parliament and of the
Council(2)amended Article 19(12) of Regulation (EU) No 596/2014 to extend the scope of the exemptions to cover
financial instruments other than shares. That amendment to Article 19(12) of Regulation (EU) No 596/2014 should
be reflected in Commission Delegated Regulation (EU) 2016/522(3).
(2) Over the last years, the trading landscape in the Union has changed considerably with the proliferation of trading
venues. Such proliferation poses important supervisory challenges, as trading in financial instruments frequently
takes place across multiple venues and across borders in the Union. That heightens the risk that market abuse
practices involve multiple trading venues located in different Member States. To address that challenge, Article 25a
of Regulation (EU) No 596/2014 requires competent authorities supervising trading venues with a significant cross-
border dimension to set up a mechanism to exchange on an ongoing basis order data on financial instruments
obtained from those trading venues in accordance with Article 25 of Regulation (EU) No 600/2014 of the European
Parliament and of the Council(4). Pursuant to Article 25a of Regulation (EU) No 596/2014, at a first stage, by 5 June
2026, competent authorities are required to set up a mechanism to allow for the ongoing and timely exchange of
order data on shares. At a second stage, by 5 June 2028, that mechanism is to be extended to also cover order data
on bonds and futures. Article 25a(7) of Regulation (EU) No 596/2014 empowers the Commission to establish a list
of designated trading venues that have a significant cross-border dimension in the supervision of market abuse.
Based on a data analysis of the European Securities and Markets Authority (‘ESMA’), and taking into account the
criteria set out in Article 25a(7) of Regulation (EU) No 596/2014, the Commission has identified the trading venues
that have a significant cross-border dimension in the supervision of market abuse with regard to shares. Delegated
Regulation (EU) 2016/522 should be amended to include the list of those identified trading venues.
(1) OJ L 173, 12.6.2014, p. 1, ELI: http://data.europa.eu/eli/reg/2014/596/oj.
(2) Regulation (EU) 2024/2809 of the European Parliament and of the Council of 23 October 2024 amending Regulations
(EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for
companies and to facilitate access to capital for small and medium-sized enterprises (OJ L, 2024/2809, 14.11.2024, ELI: http://data.
europa.eu/eli/reg/2024/2809/oj).
(3) Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the
European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the
indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for
trading during closed periods and types of notifiable managers’ transactions (OJ L 88, 5.4.2016, p. 1, ELI: http://data.europa.eu/eli/
reg_del/2016/522/oj).
(4) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and
amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84, ELI: http://data.europa.eu/eli/reg/2014/600/oj).
ELI: http://data.europa.eu/eli/reg_del/2026/788/oj 1/6EN
OJ L, 16.7.2026
(3) The Commission specified the indicators of market manipulation laid down in Annex I to Regulation
(EU) No 596/2014 in Annex II to Delegated Regulation (EU) 2016/522. Building on the competent authorities’
experience in the supervision of market abuse, and considering technical developments, including the use of
algorithmic trading techniques, it is necessary to update Annex II to Delegated Regulation (EU) 2016/522 to specify
that, when applying the indicators of market manipulation, market participants and competent authorities should
consider that market manipulation can be carried out in time spans that are shorter or longer than a day or a trading
session, in particular where market manipulation concerns less liquid financial instruments or involves algorithmic
trading. Market manipulation may also be carried out through orders to trade or transactions that lead to significant
changes in the volume of an instrument. It is therefore also necessary to specify that, when applying Indicators A(a)
and A(d) of Annex I to Regulation (EU) No 596/2014, market participants and competent authorities may also
consider orders to trade or transactions that lead to a significant change in the volume, and not only in the price, of
a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances.
Furthermore, to take into account the possibility of indirect exposures, it is necessary to specify that, for the
purposes of Indicator A(b) of Annex I to Regulation (EU) No 596/2014, market participants and competent
authorities may also consider orders to trade or transactions by persons that do not have a significant buying or
selling position but that have a significant interest in or exposure to a change of price of the relevant instrument,
including through margin calls or debt covenants. To enhance legal clarity and ensure supervisory convergence, it is
also appropriate to further specify certain elements of Indicators A(b), A(d), and A(e). Finally, it is necessary to
correct erroneous cross-references.
(4) As the determination of the scope of the permission to trade during closed periods, the identification of trading
venues with a significant cross-border dimension, and the revised indicators of market manipulation seek to enhance
the effectiveness of the market abuse framework, notably by strengthening the competent authorities’ abilities to
identify and enforce cases of market abuse, this Regulation lays downs provisions based on the mandates set out in
Article 12(5), Article 19(13), and Article 25a(7) of Regulation (EU) No 596/2014.
(5) Delegated Regulation (EU) 2016/522 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendments to Delegated Regulation (EU) 2016/522
Delegated Regulation (EU) 2016/522 is amended as follows:
(1) the title is replaced by the following:
‘Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation
(EU) No 596/2014 of the European Parliament and of the Council as regards an exemption from the application of
that Regulation for certain third countries public bodies and central banks, the indicators of market manipulation,
the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during
closed periods, the types of notifiable managers’ transactions, and the list of designated trading venues that have a
significant cross-border dimension in the supervision of market abuse’;
(2) Article 1 is amended as follows:
(a) point (6) is replaced by the following:
‘(6) types of transactions triggering the duty to notify managers’ transactions;’;
(b) the following point (7) is inserted:
‘(7) trading venues that have a significant cross-border dimension in the supervision of market abuse.’;
2/6 ELI: http://data.europa.eu/eli/reg_del/2026/788/ojEN
OJ L, 16.7.2026
(3) in Article 7, paragraph 2 is replaced by the following:
‘2. In the circumstances set out in Article 19(12), point (a), of Regulation (EU) No 596/2014, prior to any trading
during the closed period, a person discharging managerial responsibilities shall provide the issuer with a reasoned
written request to obtain the issuer’s permission to proceed with the immediate sale of shares or of financial
instruments other than shares during a closed period.
The written request shall describe the envisaged sale and explain why the sale of shares or of financial instruments
other than shares is the only reasonable alternative to obtain the necessary financing.’;
(4) Article 8 is amended as follows:
(a) paragraph 1 is replaced by the following:
‘1. When deciding whether to grant permission to proceed with the immediate sale of its shares or of
financial instruments other than shares during a closed period, an issuer shall assess, on a case-by-case basis,
the written request referred to in Article 7(2). The issuer shall have the right to permit the immediate sale of
shares or of financial instruments other than shares only where the circumstances for such transactions are
deemed exceptional.’;
(b) in paragraph 3, point (b) is replaced by the following:
‘(b) has to fulfil or is in a situation entered into before the beginning of the closed period and requiring the
payment of sum to a third party, including tax liability, and cannot reasonably satisfy a financial
commitment or claim by means other than the immediate sale of shares or of financial instruments
other than shares.’;
(5) the following Article 10a is inserted:
‘Article 10a
Designated trading venues for the exchange of order data
The trading venues listed in Annex III shall be considered to be trading venues that have a significant cross-border
dimension in the supervision of market abuse with respect to shares as referred to in Article 25a of Regulation
(EU) No 596/2014.’;
(6) Annex II is amended in accordance with Annex I to this Regulation;
(7) the text set out in Annex II to this Regulation is added as Annex III.
Article 2
Entry into force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 8 April 2026.
For the Commission
The President
Ursula VON DER LEYEN
ELI: http://data.europa.eu/eli/reg_del/2026/788/oj 3/6EN
OJ L, 16.7.2026
ANNEX I
Annex II to Delegated Regulation (EU) 2016/522 is amended as follows:
(1) Section 1 is amended as follows:
(a) the following point 1a is inserted:
‘1a. When assessing whether orders to trade given or transactions undertaken represent a significant
proportion of the volume of orders or transactions for the purposes of Indicator A(a) of Annex I to
Regulation (EU) No 596/2014, market participants and competent authorities may consider a time
frame that is longer or shorter than a day or a trading session. In addition, when applying Indicator A(a)
of Annex I to Regulation (EU) No 596/2014, market participants and competent authorities may also
consider orders to trade or transactions that lead to a significant change in the volume of a financial
instrument, a related spot commodity contract, or an auctioned product based on emission allowances.’;
(b) the following point 2a is inserted:
‘2a. A significant buying position as referred to in Indicator A(b) of Annex I to Regulation (EU) No 596/2014
may encompass both positions already taken and a potential position through current pending orders.
For the purposes of the Indicator A(b) of Annex I to Regulation (EU) No 596/2014, market participants
and competent authorities may also take into account orders to trade given or transactions undertaken
by persons that do not have a significant buying or selling position but that have a significant interest in
or exposure to a change of price of a financial instrument, a related spot commodity contract, or an
auctioned product based on emission allowances, including through margin calls or debt covenants.’;
(c) the following point 4a is inserted:
‘4a. The position reversals referred to in Indicator A(d) of Annex I to Regulation (EU) No 596/2014 comprise
activities that result in actual or potential changes in notional volumes or financial risks in the relevant
instrument or in a set of closely linked instruments, that is, instruments the price of which depends or
has an impact on other instruments in that set. When assessing whether orders to trade given or
transactions undertaken represent a significant proportion of the volume of orders or transactions for
the purposes of Indicator A(d) of Annex I to Regulation (EU) No 596/2014, market participants and
competent authorities may consider a time frame that is longer or shorter than a day or a trading
session. In addition, when applying Indicator A(d) of Annex I to Regulation (EU) No 596/2014, market
participants and competent authorities may also consider orders to trade or transactions that lead to a
significant change in the volume of a financial instrument, a related spot commodity contract, or an
auctioned product based on emission allowances.’;
(d) in point 5, point (e) is replaced by the following:
‘(e) Submitting multiple or large orders to trade often away from the touch on one side of the order book to
execute a trade on the other side of the order book. Once the trade has taken place, the orders with no
intention to be executed shall be removed — usually known as layering and spoofing. That practice may
also be illustrated by the indicator set out in point 4(f);’;
(e) the following point 5a is inserted:
‘5a. The time span referred to in Indicator A(e) of Annex I to Regulation (EU) No 596/2014 may vary
depending on the liquidity and the market characteristics of the financial instruments. For the
application of that Indicator, a price change reversal can be either full or partial.’;
(f) in point 6(a), point (ii) is replaced by the following:
‘(ii) the indicator set out in point 4(f) of this Section.’;
(g) point 8 is replaced by the following:
‘8. The practice set out in point 2(c) of this Section and also referred to in points 5(b), 6(e) and 7(d) of this
Section is relevant in the context of the scope of Regulation (EU) No 596/2014 concerning cross-venue
manipulation.’;
4/6 ELI: http://data.europa.eu/eli/reg_del/2026/788/ojEN
OJ L, 16.7.2026
(h) the following point 10 is added:
‘10. The Indicators listed in Annex I to Regulation (EU) No 596/2014 and the practices listed in this Annex
may also be assessed and computed over a time frame that is longer or shorter than a day or a trading
session. That is particularly relevant when assessing cases of market manipulation in less liquid financial
instruments and in the context of algorithmic trading.’;
(2) in Section 2, point 2, points (b) and (c) are replaced by the following:
‘(b) The practice set out in point 4(c) of Section 1, usually known as ‘‘pump and dump’’, which may also be
illustrated by the indicator set out in point 2(a) of this Section.
(c) The practice set out in point 4(d) of Section 1, usually known as ‘‘trash and cash’’, which may also be illustrated
by the indicator set out in point 2(a) of this Section.’.
ELI: http://data.europa.eu/eli/reg_del/2026/788/oj 5/6EN
OJ L, 16.7.2026
ANNEX II
‘ANNEX III
Trading venues with a significant cross-border dimension in the supervision of market abuse with
respect to shares
Entity name Operating Market Identifier Code
Aquis exchange Europe AQEU
TP ICAP (Europe) SA TPIC
Cboe Europe B.V. CCXE
Turquoise Global Holdings Europe BV TQEX’
6/6 ELI: http://data.europa.eu/eli/reg_del/2026/788/oj