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    Estonia

    The Parliament of Estonia issued the Securities Market Act to regulate the public offer of securities and their admittance to trading on regulated securities markets.

    Overview: This law regulates the public offer of securities and their admittance to trading on regulated securities markets, the activities of investment firms, the provision of investment services, and the operations of regulated securities markets and securities settlement systems. It also covers the supervision over the securities market and its participants.

    Chapter 17: Market Supervision

    • § 148.  Rights and obligations of operator in exercising supervision
    • § 149.  Co-operation with Supervision Authority

    Chapter 20: Regulated Information

    • § 1846.  Making public of regulated information

    Chapter 21: Prohibition on Market Abuse and Investment Recommendations

    • § 1882.  Market abuse
    • § 1883.  Application of provisions regulating market abuse

    Division 2: Misuse of Inside Information and Disclosure of Inside Information

    • § 1884.  Inside information
    • § 1885.  Insider
    • § 1886.  Prohibition on misuse of inside information
    • § 1887.  Disclosure of inside information
    • § 1888.  Delay in disclosure of inside information
    • § 1889.  Disclosure of inside information upon leakage thereof
    • § 18810.  Compensation for damage
    • § 18811.  General obligations of issuer in connection with handling of inside information
    • § 18812.  List of insiders
    • § 18813.  Giving notification of transactions and disclosure
    • § 18814.  Obligation to establish internal rules

    Division 3: Market Manipulation and Prohibition on Market Manipulation

    • § 18815.  Market manipulation

    Division 5: Obligation to submit information

    • § 192.  Notification obligation of person providing investment services

    Chapter 24: Supervision

    • § 2363.  Supervision in matters of market abuse
    • § 23741.  Abuse of inside information (fines)
    • § 23742.  Failure to report doubt of market abuse (fines)
    • § 23743.  Performance of market manipulation (fines)
    • § 23749.  Additional grounds for termination of proceedings

    Resources & Insights

    Nasdaq Crypto Regulation Guide: Europe

    Nasdaq Crypto Regulation Guide: Europe

    Regulation of cryptocurrency varies globally by region, jurisdiction, and regulatory body. Nasdaq’s comprehensive and updated Cryptocurrency Regulation Guide Europe provides a snapshot of recent recommendations from international regulatory and standards-setting bodies as well as key developments in Europe.

    Clearing the Path for Crypto-Asset Regulation: The EU’s MiCA Explained

    Clearing the Path for Crypto-Asset Regulation: The EU’s MiCA Explained

    The EU recently passed the Markets in Crypto-Assets (MiCA) regulation which will go into effect in 2024. The monumental vote will set global standards for the regulation of crypto-assets. Read our paper to learn more about the articles within MiCA pertaining to market abuse.

    Practical Guide: Markets in Crypto Assets (MiCA) Regulation

    Practical Guide: Markets in Crypto Assets (MiCA) Regulation

    With MiCA scheduled to go into effect in 2024, crypto-asset market participants should expect more stringent surveillance requirements once the regulation is implemented. Now is the time to implement technology and processes to monitor for market abuse, money laundering, and fraud – not only to ensure compliance, but also to protect investors, instill confidence, promote integrity, and attract clients.