Die Nutzung einer Insiderinformation und legitime Handlungen

This study is the first monograph in Europe to analyse the criterion of ‘use’ of inside information and the corresponding legitimate behaviour (Article 9 MAR) under the Market Abuse Regulation. The innovative thesis develops a three-stage examination for determining ‘use’, which is further substantiated by case groups. This systematization enables a legally secure, dogmatically consolidated and economically justified distinction between prohibited ‘use’ of inside information and legitimate behaviour. The in-depth analysis of the intervention of the insider dealing prohibition in various M&A transactions, especially in the case of public takeovers, is likely to be of particular interest to practitioners.