Inside information under MiCAR – What have we not learned from MAR?

StatusVoR
Simple item page
cris.lastimport.scopus2025-07-16T03:10:14Z
dc.abstract.enMiCAR, just like MAR, uses the concept of reasonable market participant as a requirement (not alone) for the emergence of inside information. Creating the concept of idealistic market participants is inadequate in both the financial instruments market and the crypto-assets market, although it is particularly unfortunate in the latter. Crypto-assets are characterized by tremendous diversity, high price volatility, the market is speculative, and the ‘investors’ in it themselves have a high tendency for risk and frequent change of assets in their portfolio. Given the above problems, instead of the current vague definition, the categories of information that are subject to disclosure could be explicitly settled, thereby eliminating excessive costs and regulatory risks for obliged entities. We should strongly consider the enactment of separate rules and ad-hoc disclosure requirements for different crypto-assets. Moreover, contrary to MAR, ad-hoc disclosure obligation in MiCAR is addressed to three categories of entities. This can result in the actualization of disclosure obligation with regard to the same inside information parallel to more than one entity. The increasing use of crypto-assets, in some cases, may also lead to the parallel applicability of MAR and MiCAR to the same issuer, which may cause huge practical problems.
dc.affiliationWydział Psychologii i Prawa w Poznaniu
dc.contributor.authorRycerski, Adrian
dc.date.access2025-07-12
dc.date.accessioned2025-07-15T08:08:41Z
dc.date.available2025-07-15T08:08:41Z
dc.date.issued2025-07-09
dc.description.accesstimeafter_publication
dc.description.issue2
dc.description.physical241-266
dc.description.versionfinal_published
dc.description.volume22
dc.identifier.doi10.1515/ecfr-2025-0010
dc.identifier.issn1613-2548
dc.identifier.urihttps://share.swps.edu.pl/handle/swps/1600
dc.languageen
dc.pbn.affiliationnauki prawne
dc.rightsClosedAccess
dc.rights.explanationDostęp zamknięty.
dc.rights.questionYes_rights
dc.share.articleOTHER
dc.swps.sciencecloudsend
dc.titleInside information under MiCAR – What have we not learned from MAR?
dc.title.journalEuropean Company and Financial Law Review
dc.typeJournalArticle
dspace.entity.typeArticle