Version in force , Modified +140 −108§
Amended by Regulation (EU) 2024/2809 32024R2809 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Point (d) no longer limits the described information to that held by persons charged with executing orders, but instead covers information conveyed by a client or by other persons acting on the client's behalf, or information known through management of a proprietary account or a managed fund, relating to pending orders in financial instruments.
The prior wording had framed this category specifically around persons tasked with executing client orders and information conveyed by a client about that client's own pending orders.
Cited: Art. 7, v2 (external, EUR-Lex) · Art. 7, 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 7
Inside information
1. For the purposes of this Regulation, inside information shall comprise the following types of information:
(a) information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments;
(b) in relation to commodity derivatives, information of a precise nature, which has not been made public, relating, directly or indirectly to one or more such derivatives or relating directly to the related spot commodity contract, and which, if it were made public, would be likely to have a significant effect on the prices of such derivatives or related spot commodity contracts, and where this is information which is reasonably expected to be disclosed or is required to be disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets;
(c) in relation to emission allowances or auctioned products based thereon, information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more such instruments, and which, if it were made public, would be likely to have a significant effect on the prices of such instruments or on the prices of related derivative financial instruments;
(d) for persons charged with the execution of orders concerning financial instruments, it also means information conveyed by a client or by other persons acting on the client’s behalf or information known by virtue of management of a proprietary account or of a managed fund and relating to the client’s pending orders in financial instruments, which is of a precise nature, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be likely to have a … 371 unchanged words … provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in point (b) of paragraph 1. ESMA shall duly take into account specificities of those markets.