Overview: The Financial and Capital Market Commission supervises the securities market in Latvia. The purpose of this law is to ensure the functioning of the financial instrument market by facilitating: 1) protection of the interests of investors; 2) the stability and reliability of the financial instrument market; and 3) accessibility of information and equal opportunities for all participants of the financial instrument market. MAR has been transposed into Latvian law. 

Part D: Public Circulation of Financial Instruments 
Chapter I: Activities of a Regulated Market Operator 
Section 28: Regulations of a Market Operator 
(5) A market operator shall lay down at least the following requirements in the regulations, which must be complied with by its members and issuers whose financial instruments are admitted to trading on any of the regulated markets organized by the market operator and which govern: ... 6) the procedures for identifying and preventing manipulation of the market; 

Section 39: Right of a Market Operator to Conduct Supervision 
(2) A market operator shall supervise the pricing of financial instruments in regulated markets organized thereby, as well as trading procedures, in order to detect transactions which are performed through the use of inside information or market manipulation, as well as other infringements of this Law and other laws and regulations. 
(8) A market operator is entitled to request and members of the market operator have a duty to provide information requested thereby after receipt of such request regarding the clients of members of the market operator (natural persons and legal persons), their financial instrument accounts and money accounts related to settlements of financial instruments and transactions performed with financial instruments admitted to trading on a regulated market, if such information is necessary for the market operator in order to ensure carrying out of the supervisory functions granted for the prevention of the use of inside information and market manipulation. The market operator is entitled to use the provided information only for the purpose for which it was requested. 

Chapter VI: Prohibition Against Utilization of Inside Information and Market Manipulation 
Section 84: Scope of this Chapter and Liability for Unlawful Use, Disclosure of and Mannipulations with Inside Information in Financial Markets 
Section 85: Prohibition Against Utilization of Inside Information 
Section 86: List of Holders of Inside Information and Notification Regarding a Transaction with Financial Instruments 
Section 87: Duty to Publish Inside Information and Derogrations Therefrom 
Section 88: Accepted Market Practice 
Section 89: Duty to Refrain from Executing a Transaction
Section 90: Rights of the Commission 
Section 91: Civil Liability 

Part F: Investment Services 
Chapter VII: General Provisions 
Section 103: Right of a Credit Institution to Provide Investmetn Services and Ancillary Investment Services 
2¹) a description of procedures for identification of those transactions which are performed by using inside information or with a view to commit manipulations in a financial instrument market; 

Chapter VIII: Licensing of Investment Brokerage Companies 
Section 107: Documents Submitted by an Investment Brokerage Company for Receipt of a Licence 
5¹) a description of the procedures for identification of such transactions which are performed, using inside information or with a view to carry out market manipulations; 

Chapter XII: Provision of Investment Services 
Section 127.¹: Restrictions for Provision of Personal Transactions 
(2) The persons referred to in Section 101, Paragraph 3.1 of this Law are prohibited: 1) to perform a personal transaction on the basis of inside information to which he or she has access by virtue of work or professional duties in the investment brokerage company or credit institution, to perform a personal transaction by involving misuse or improper disclosure of information containing transaction secret, or to perform a personal transaction which conflicts with the requirements laid down in this Law for the investment brokerage company and credit institution; 

Section 133.²: Duties of an Operator of a Multilateral Trading Facility 
(4) An operator of a multilateral trading facility shall supervise the course of trade in this facility in order to detect infringements of the requirements of an investment brokerage company, credit institution, or market operator laid down in accordance with Paragraph two of this Section and prevent market manipulations. 
(6) An operator of a multilateral trading facility shall, without delay, inform the Commission regarding infringements of this Law and regulations of the facility operator, as well as regarding decisions taken in relation to such infringements. The facility operator shall, without delay, inform the Commission if any suspicions have arisen for him or her that market manipulations have occurred when performing transactions in the multilateral trading facility, and provide aid necessary for finding out facts and circumstances. 

Chapter XIV: Supervision of the Provision of Investment Services 
Part G: Exchange of Information 
Section 144: Information Exchange with Supervisory Authorities of Member States to Ensure Supervision of the Prohibition Against the Use of Inside information annd Market Manipulations 
(1) The Commission shall co-operate with supervisory authorities of Member States in supervision of the prohibition against the use of inside information and market manipulations in accordance with the provisions of Regulation No 596/2014. 
(2) If the Commission does not have information at its disposal which has been requested by the supervisory authority of the Member State, on the basis of a motivated request, and which is necessary thereto in order to perform its duties of supervision of the prohibition against the use of inside information and market manipulation, the Commission shall carry out activities within its competence in order to obtain the information requested. 
(3) If it is impossible for the Commission to obtain the information requested by the supervisory authority of a Member State, the Commission shall notify the relevant Member State supervisory authority thereof, specifying the reasons due to which it cannot provide the requested information. 

Chapter I: Renewal of Activities of an Investment Brokerage Company and Special Provisions of Resolution, Insolvency, and Liquidation [24 April 2014; 11 June 2015] 
Transitional Provisions 
37. An issuer the financial instruments of which are admitted to trading on a regulated market, shall, until 1 February 2008, submit to the Commission: 
1) internal rules of procedure developed by the issuer regarding establishment and maintenance of the list of holders of inside information, as well as the procedures for performing transactions by persons included in the list of holders of inside information with financial instruments or commodity derivatives of such issuer; 
2) the list of holders of inside information in accordance with the requirements laid down in Section 86, Paragraph two and three of this Law. Historical information regarding former holders of inside information, starting from the day of establishment of the list, and updated information regarding existing holders of inside information shall be included in the list. The year and date when a person was included on the list shall be provided for the existing holders of inside information, the year and date when a person was included on the list of holders of inside information and the year and date when inside information of the issuer was no longer available for the person shall be provided for the former holders of inside information. [4 October 2007] 

Informative Reference to European Union Directives 
[9 June 2005; 15 June 2006; 29 March 2007; 4 October 2007; 22 May 2008; 29 May 2008; 26 February 2009; 15 October 2009; 13 January 2011; 22  2012; 24 April 2014; 11 June 2015; 29 October 2015; 26 May 2016; 15 December 2016] 

Informative Reference to European Union Directives 
9) Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse); 
10) Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation; 
11) Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions;