Publication of EU delegated regulations supplementing the Market Abuse Regulation

Two key Level 2 measures implementing the Listing Act¹ reforms to the EU Market Abuse Regulation (“MAR”) were published in the Official Journal of the European Union on 16 July 2026. These are:

Commission Delegated Regulation (EU) 2026/789 of 8 April 2026 supplementing MAR as regards disclosure of inside information in protracted processes and delay of disclosure; and
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.

Both Delegated Regulations were adopted by the European Commission on 8 April 2026 and form part of the wider package of measures implementing the Listing Act reforms to MAR.

A high-level overview of the Delegated Regulations and their respective entry into force dates is set out below.

Delegated Regulation (EU) 2026/789

The first Delegated Regulation (EU) 2026/789 sets out:

a non-exhaustive list of final events or final circumstances in protracted processes and the moment at which they are deemed to have occurred for the purposes of the disclosure obligation under Article 17(1) MAR; and
non-exhaustive list of situations in which the inside information that an issuer intends to delay is in contrast with its latest public announcement or other communication on the same matter, such that the conditions for delaying disclosure under Article 17(4) MAR would not be satisfied.

You can read more about the changes to the inside information disclosure regime brought about by the Listing Act reforms in our December 2025 and May 2025 updates.

Delegated Regulation (EU) 2026/789 will enter into force on 19 July 2026.

Delegated Regulation (EU) 2026/788

The second Delegated Regulation (EU) 2026/788 introduces a number of amendments to Delegated Regulation (EU) 2016/522, which supplements MAR on a number of matters including most notably the indicators of market manipulation, the competent authority for notifications of delays of disclosures of inside information, the procedure to be followed for granting permission for trading during closed periods and the types of notifiable managers’ transactions.

In this respect, the most notable changes for issuers brought about by Delegated Regulation (EU) 2026/788 concern:

Closed period trading: the update is largely a technical but important one. Following the Listing Act, the scope of the closed period trading prohibition has been extended beyond shares to cover other financial instruments as well. As a result, Delegated Regulation (EU) 2016/522 which clarifies when issuers may permit PDMRs to trade during closed periods is now updated to also cover these additional financial instruments. This has practical implications for group policies and dealing codes and associated approval processes.
Indicators of market manipulation: Delegated Regulation (EU) 2026/788 has also made important refinements to the annex of Delegated Regulation (EU) 2016/522 to provide additional colour on behaviours and scenarios that may be indicative of market manipulation. For instance, the amendments clarify that a significant buying or selling position may arise not only from existing holdings, but also from pending orders and other forms of economic exposure to price movements. These refinements are relevant for issuers, regulated entities and other market participants when reviewing their surveillance frameworks and market abuse risk assessments.

Delegated Regulation (EU) 2026/789 will enter into force on 5 August 2026.

¹ The EU Listing Act is a package of legislative reforms designed to make EU public capital markets more attractive and accessible, particularly for small and medium-sized enterprises, by reducing regulatory burdens while maintaining market integrity, transparency and investor protection. Adopted in 2024, the package comprises Regulation (EU) 2024/2809, Directive (EU) 2024/2810 and Directive (EU) 2024/2811, which together introduce targeted amendments to, among other things, the Prospectus Regulation, the Market Abuse Regulation, MiFID II and MiFIR, as well as a new framework for multiple-vote share structures.