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Regulation 596/2014/EU - Market Abuse Regulation (MAR)RecitalsChapter 1 General provisions (arts. 1-6)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsArticle 4 Notifications and list of financial instrumentsArticle 5 Exemption for buy-back programmes and stabilisationArticle 6 Exemption for monetary and public debt management activities and climate policy activitiesChapter 2 Inside information, insider dealing, unlawful disclosure of inside information and market manipulation (arts. 7-16)Article 7 Inside informationArticle 8 Insider dealingArticle 9 Legitimate behaviourArticle 10 Unlawful disclosure of inside informationArticle 11 Market soundingsArticle 12 Market manipulationArticle 13 Accepted market practicesArticle 14 Prohibition of insider dealing and of unlawful disclosure of inside informationArticle 15 Prohibition of market manipulationArticle 16 Prevention and detection of market abuseChapter 3 Disclosure requirements (arts. 17-21)Article 17 Public disclosure of inside informationArticle 18 Insider listsArticle 19 Managers' transactionsArticle 20 Investment recommendations and statisticsArticle 21 Disclosure or dissemination of information in the mediaArticle 21a Accessibility of information on the European single access pointChapter 4 ESMA and competent authorities (arts. 22-29)Article 22 Competent authoritiesArticle 23 Powers of competent authoritiesArticle 24 Cooperation with ESMAArticle 25 Obligation to cooperateArticle 25a Mechanism to exchange order dataArticle 25b Collaboration platformsArticle 26 Cooperation with third countriesArticle 27 Professional secrecyArticle 28 Data protectionArticle 29 Disclosure of personal data to third countriesChapter 5 Administrative measures and sanctions (arts. 30-34)Article 30 Administrative sanctions and other administrative measuresArticle 31 Exercise of supervisory powers and imposition of sanctionsArticle 32 Reporting of infringementsArticle 33 Exchange of information with ESMAArticle 34 Publication of decisionsChapter 6 Delegated acts and implementing acts (arts. 35-36)Article 35 Exercise of the delegationArticle 36 Committee procedureChapter 7 Final provisions (arts. 37-39)Article 37 Repeal of Directive 2003/6/EC and its implementing measuresArticle 38 ReportsArticle 39 Entry into force and applicationAnnex IAnnex II Correlation tableDone at
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AI Summary of Article 5 Exemption for buy-back programmes and stabilisation

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 4 December 2024 - onwards
Version 4 of 4

Article 5 Exemption for buy-back programmes and stabilisation

1. The prohibitions in Articles 14 and 15 of this Regulation do not apply to trading in own shares in buy-back programmes where:

(a) the full details of the programme are disclosed prior to the start of trading;

(b) trades are reported as being part of the buy-back programme to the competent authority of the trading venue in accordance with paragraph 3 and subsequently disclosed to the public in an aggregated form;

(c) adequate limits with regard to price and volume are complied with; and

(d) it is carried out in accordance with the objectives referred to in paragraph 2 and the conditions set out in this Article and in the regulatory technical standards referred to in paragraph 6.

2. In order to benefit from the exemption provided for in paragraph 1, a buy-back programme shall have as its sole purpose:

(a) to reduce the capital of an issuer;

(b) to meet obligations arising from debt financial instruments that are exchangeable into equity instruments; or

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