The chapter provides an overview of EU insider trading law under the Market Abuse Regulation. It includes comparative remarks on USA law. While USA insider trading law has heavily influenced the more technical side of its EU counterpart, their policy goals diverge. Instead of USA-style classical and misappropriation theories, EU law follows a “disclose or abstain” logic. It conceptualizes insider trading law as a contribution to efficient markets. Issuers must promptly disclose inside information, and the trading prohibition sets an additional incentive. Equal access to information and fairness for investors are further policy goals.
The chapter first explores core differences between both legal orders. Second, it discusses leading cases of the European Court of Justice. Third, it offers an outlook on expected changes under the upcoming EU Listing Act, and fourth, the chapter explains EU insider trading law for the crypto world under the Markets in Crypto Assets Regulation.
