Version in force , Modified +891 −425§
Amended by Regulation (EU) 2024/2809 32024R2809 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2028-12-05, 2031-12-05 · dates removed: 2019-07-03
Explanation, written by a model and checked against the cited text
The article heading changes from the singular 'Report' to the plural 'Reports', and the two reporting deadlines of 3 July 2019 are replaced with deadlines of 5 December 2028, with a further new report now due by 5 December 2031.
Points (c) and (d) of the first report's assessment list are replaced: the former point (c) on the conditions for the Article 19(11) trading prohibition and point (d) on a possible Union cross-market order book surveillance framework are removed, and new points (c) on the balance struck by Article 17(1) regarding non-disclosure of inside information on intermediate steps and (d) on the proportionality of amounts in Article 30(2)(j)(iii) and (iv) for micro, small and medium-sized enterprises are inserted, while the former point (e) on benchmark provisions is retained.
A new standalone report obligation is added requiring the Commission to report by 5 December 2031 on the functioning, supervisory impact, enforcement, and possible extension to systematic internalisers of a cross-market order data surveillance mechanism, replacing the earlier report's assessment point on establishing such a framework.
Cited: Art. 38, v2 (external, EUR-Lex) · Art. 38, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 9 January 2024 02014R0596-20240109 → this version, in force 4 December 2024 02014R0596-20241204
Article 38
Report Reports
By 3 July 2019, 5 December 2028, the Commission shall submit a report to the European Parliament and to the Council on the application of this Regulation, together with a legislative proposal to amend it if appropriate. That report shall assess, inter alia:
(a) the appropriateness of introducing common rules on the need for all Member States to provide for administrative sanctions for insider dealing and market manipulation;
(b) whether the definition of inside information is sufficient to cover all information relevant for competent authorities to effectively combat market abuse;
(c) whether the appropriateness provision on non-disclosure of inside information relating to intermediate steps in a protracted process in Article 17(1) strikes an adequate balance between reducing the burden for issuers and allowing investors to take informed investment decisions; and
(d) the proportionality of the conditions under which the prohibition on trading is mandated absolute amounts, as expressed in accordance with Article 19(11) with a view to identifying whether there are any further circumstances under which the prohibition should apply;
(d) the possibility of establishing a Union framework for cross-market order book surveillance 30(2), points (j)(iii) and (iv), and their appropriateness in relation to market abuse, including recommendations for such a framework; micro, small and
medium-sized enterprises.
(e) the scope of the application of the benchmark provisions.
For the purposes of point (a) of the first subparagraph, ESMA shall undertake a mapping exercise of the application of administrative sanctions and, where Member States have decided, pursuant to the second subparagraph of Article 30(1), to lay down criminal sanctions as referred to therein for infringements of this Regulation, of the application of such criminal sanctions within Member States. That exercise shall also include any data made available under Article 33(1) and (2).
By 3 July 2019, 5 December 2031, the Commission shall submit a report to the European Parliament and to the Council on the functioning of the cross-market order data surveillance mechanism, its impact on the ability of national competent authorities to ensure effective supervision, how to enforce such mechanism, and the merits of the potential inclusion of systematic internalisers in the scope of the mechanism.
By 5 December 2028, the Commission shall, after consulting ESMA, submit a report to the European Parliament and to the Council on the level of the thresholds set out in Article 19(1a)(a) 19(1a), points (a) and (b) (b), in relation to managers' managers’ transactions where the issuer's issuer’s shares or debt instruments form part of a collective investment undertaking or provide exposure to a portfolio of assets, with a view to assessing whether that level is appropriate or should be adjusted.
The Commission shall be empowered to adopt delegated acts in accordance with Article 35 adjusting the thresholds in Article 19(1a)(a) and (b), if it determines in that report that those thresholds should be adjusted.