Following the amendments to the CJA specified in the Insider Dealing (Securities and Regulated Market) Order 2023, the CJA now applies to a wide range of financial instruments, including transferable securities, money-market instruments, units in collective investment undertakings, and derivative contracts:1
- admitted to trading on, or for which a request for admission to trade on, a UK, EU or Gibraltar regulated market or multilateral trading facility (MTF);
- admitted to trading on, or for which a request for admission to trade on, the NASDAQ, the SIX Swiss Exchange, or New York Stock Exchange;
- admitted to trading on a UK, EU or Gibraltar organized trading facility (OTF);
- that do not fall into one of the above categories but the price or value of which depends on, or has an effect on, the price or value of an instrument that does fall into one of those categories.
UK MAR applies to the financial instruments set out in Section C of Annex 1 of the Markets in Financial Instruments Directive (MiFID II), including equity and debt securities and derivatives, including commodity derivatives:
- admitted to trading on, or for which a request for admission to trade on, a UK, EU or Gibraltar regulated market or multilateral trading facility (MTF);
- admitted to trading on securities traded on a UK, EU or Gibraltar organized trading facility (OTF);
- financial instruments that do not fall into one of the above categories but the price or value of which depends on, or has an effect on, the price or value of an instrument that does fall into one of those categories; and
- auctioned emission allowances and auctioned products based on emission allowances.2
For a complete list of financial instruments within the scope of UK MAR, see the Financial Instruments Reference Database System, available here.
1 Criminal Justice Act 1993 (CJA), c. 36, Schedule 2 (UK), as amended by the Insider Dealing (Securities and Regulated Markets) Order 2023.
2 Regulation 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) (MAR), as retained in the UK by the Market Abuse (Amendment) (EU Exit) Regulations 2019/310, art. 2(1).