MAR covers instruments on regulated markets, growth markets and multilateral trading facilities, plus related derivatives and, in defined cases, emission allowances and benchmarks.
Issuer obligations are concrete: disclose inside information as soon as possible unless a legitimate delay is documented, maintain insider lists naming everyone with access and when, and publish managers' transactions above a small annual threshold within three business days.
The manipulation provisions reach behaviour familiar from US practice, including layering, wash-trading and benchmark manipulation, and they explicitly cover attempts as well as completed acts. Enforcement is national, by bodies such as bafin and the fca.
Related: insider-trading, layering, wash-trading, esma, mifid-ii