Art. 19

in force 2026-06-05 MODIFIED±0§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

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in force 2024-12-04 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unchanged

The base notification threshold in paragraph 8 is raised from EUR 5000 to EUR 20000, and paragraph 9 now allows a competent authority to set a higher threshold of EUR 50000 or a lower threshold of EUR 10000, instead of only permitting an increase to EUR 20000.

Paragraph 12 is expanded so that permitted trading during a closed period covers not just trading but also making transactions, and its exceptional-circumstances and scheme-related exemptions now extend to financial instruments other than shares, in addition to shares.

A new paragraph 12a is added requiring the issuer to allow trading or transactions during a closed period where these do not stem from active investment decisions by the person discharging managerial responsibilities, result exclusively from external factors or third-party actions, or are based on predetermined terms, including derivative exercises.

Cited: Art. 19, v1 · Art. 19, v2

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in force 2021-01-01 MODIFIED§

Amended by Regulation (EU) 2019/2115 32019R2115

applies from: unchanged

The obligation on the issuer or emission allowance market participant to make notified transaction information public was changed from requiring publication promptly and no later than three business days after the transaction to requiring publication within two business days of receipt of the notification.

Cited: Art. 19, v1 · Art. 19, v2

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in force 2016-07-01 MODIFIED§

Amended by Regulation (EU) 2016/1011 32016R1011 · Regulation (EU) 2016/1033 32016R1033

applies from: unchanged

A new paragraph 1a is inserted setting out conditions under which the notification obligation in paragraph 1 does not apply to transactions in financial instruments linked to an issuer's shares or debt instruments, covering cases involving limited exposure through collective investment undertakings or portfolios of assets, and situations where the person lacks knowledge of the investment composition.

A new sentence is added after point (a) of paragraph 7 stating that transactions executed by managers of a collective investment undertaking in shares, debt instruments or linked derivatives of an issuer do not need to be notified where the person discharging managerial responsibilities has invested in that undertaking and its manager acts with full discretion excluding instructions or suggestions from investors on portfolio composition.

These additions do not appear in the earlier version of Article 19, which lacked paragraph 1a and this additional sentence in paragraph 7.

Cited: Art. 19, v2 · Art. 19, v1

text before / after, on the event page →