Art. 38

in force 2026-06-05 MODIFIED±0§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

in force 2024-12-04 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2028-12-05, 2031-12-05 · dates removed: 2019-07-03

The article heading changes from the singular 'Report' to the plural 'Reports', and the two reporting deadlines of 3 July 2019 are replaced with deadlines of 5 December 2028, with a further new report now due by 5 December 2031.

Points (c) and (d) of the first report's assessment list are replaced: the former point (c) on the conditions for the Article 19(11) trading prohibition and point (d) on a possible Union cross-market order book surveillance framework are removed, and new points (c) on the balance struck by Article 17(1) regarding non-disclosure of inside information on intermediate steps and (d) on the proportionality of amounts in Article 30(2)(j)(iii) and (iv) for micro, small and medium-sized enterprises are inserted, while the former point (e) on benchmark provisions is retained.

A new standalone report obligation is added requiring the Commission to report by 5 December 2031 on the functioning, supervisory impact, enforcement, and possible extension to systematic internalisers of a cross-market order data surveillance mechanism, replacing the earlier report's assessment point on establishing such a framework.

Cited: Art. 38, v2 · Art. 38, v1

text before / after, on the event page →

in force 2016-07-01 MODIFIED§

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

applies from: unchanged

The provision now adds a further Commission reporting duty, requiring a report to the European Parliament and Council, after consulting ESMA, on the level of the thresholds set out in Article 19(1a)(a) and (b) as they relate to managers' transactions where the issuer's shares or debt instruments form part of a collective investment undertaking or provide exposure to a portfolio of assets, assessing whether that level is appropriate or should be adjusted.

It also adds a new empowerment for the Commission to adopt delegated acts under Article 35 to adjust the thresholds in Article 19(1a)(a) and (b) if that report determines such adjustment is warranted.

The earlier text contained no such threshold-review report or delegated-act empowerment.

Cited: Art. 38, v2 · Art. 38, v1

text before / after, on the event page →