What changed, Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014

+ (6) types of transactions triggering the duty to notify managers’ transactions;
+ 
+ (7) trading venues that have a significant cross-border dimension in the supervision of market abuse.
− (6) types of transactions triggering the duty to notify managers' transactions.
+ **2.** In the circumstances set out in Article 19(12), point (a), of Regulation (EU) No 596/2014, prior to any trading during the closed period, a person discharging managerial responsibilities shall provide the issuer with a reasoned written request to obtain the issuer’s permission to proceed with…
− **2.** In the circumstances set out in Article 19(12)(a) of Regulation (EU) No 596/2014, prior to any trading during the closed period, a person discharging managerial responsibilities shall provide a reasoned written request to the issuer for obtaining the issuer's permission to proceed with immedi…
+ The written request shall describe the envisaged sale and explain why the sale of shares or of financial instruments other than shares is the only reasonable alternative to obtain the necessary financing.
− The written request shall describe the envisaged transaction and provide an explanation of why the sale of shares is the only reasonable alternative to obtain the necessary financing.
+ **1.** When deciding whether to grant permission to proceed with the immediate sale of its shares or of financial instruments other than shares during a closed period, an issuer shall assess, on a case-by-case basis, the written request referred to in Article 7(2). The issuer shall have the right to…
− **1.** When deciding whether to grant permission to proceed with immediate sale of its shares during a closed period, an issuer shall make a case-by-case assessment of a written request referred to in Article 7(2) by the person discharging managerial responsibilities. The issuer shall have the right…
+ **3.** When examining whether the circumstances described in the written request referred to in Article 7(2) are exceptional, the issuer shall take into account, among other indicators, whether and to the extent to which the person discharging managerial responsibilities:(a) is at the moment of subm…
− **3.** When examining whether the circumstances described in the written request referred to in Article 7(2) are exceptional, the issuer shall take into account, among other indicators, whether and to the extent to which the person discharging managerial responsibilities:(a) is at the moment of subm…
+ 
+ ### Article 10a — Designated trading venues for the exchange of order data
+ 
+ The trading venues listed in Annex III shall be considered to be trading venues that have a significant cross-border dimension in the supervision of market abuse with respect to shares as referred to in Article 25a of Regulation (EU) No 596/2014.