Art. 19

in force 2026-06-05 MODIFIED±0§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

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in force 2024-12-04 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unchanged

The default notification threshold in paragraph 8 rises from EUR 5000 to EUR 20000, and paragraph 9 now allows a competent authority to raise that threshold to EUR 50000 or lower it to EUR 10000, whereas before only an increase to EUR 20000 was permitted.

Paragraph 12 now refers to allowing a manager to trade or make transactions rather than only to trade, extends the exceptional-circumstances and scheme-related exemptions in points (a) and (b) to financial instruments other than shares in addition to shares, and ends point (b) with a semicolon instead of a full stop.

A new paragraph 12a is added obliging an issuer to allow a manager to trade or make transactions during a closed period where the transactions or trade activities do not stem from active investment decisions, result exclusively from external factors or third-party actions, or are based on predetermined terms, including exercise of derivatives.

Cited: Art. 19, v1 · Art. 19, v2

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in force 2021-01-01 MODIFIED§

Amended by Regulation (EU) 2019/2115 32019R2115

applies from: unchanged

The obligation on the issuer or emission allowance market participant to make public the notified information changed from a requirement to do so promptly and no later than three business days after the transaction, using a manner enabling fast non-discriminatory access under implementing technical standards, to a requirement to make the information public within two business days of receiving the notification.

Cited: Art. 19, v1 · Art. 19, v2

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in force 2016-07-01 MODIFIED§

Amended by Regulation (EU) 2016/1011 32016R1011 · Regulation (EU) 2016/1033 32016R1033

applies from: unchanged

A new paragraph 1a has been added, setting out conditions under which the notification obligation in paragraph 1 does not apply to transactions in financial instruments linked to shares or debt instruments of the issuer, including thresholds on exposure to the issuer's shares or debt instruments through collective investment undertakings or asset portfolios, and a related requirement to make reasonable efforts to obtain information on investment composition where available.

Paragraph 7 has been expanded with a new subparagraph following point (b) stating that transactions executed by managers of a collective investment undertaking in shares, debt instruments, or linked derivatives of an issuer do not need to be notified where the manager acts with full discretion excluding instructions or suggestions on portfolio composition from investors in that undertaking.

The earlier version of Article 19 contained neither this exemption in paragraph 1a nor this additional carve-out text following point (b) of paragraph 7.

Cited: Art. 19, v2 · Art. 19, v1

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