Key data
| Regulation | Corrigendum to Delegated Regulation (EU) 2026/788 — amends Delegated Regulation (EU) 2016/522 (MAR) |
|---|---|
| Publication | 1 September 2026 |
| Entry into force | 16 July 2026 (date of the corrected regulation) |
| Affected parties | Listed companies, executives, financial intermediaries and securities market supervisors (CNMV in Spain) |
| Category | European Regulation |
| Modified regulation | Delegated Regulation (EU) 2016/522 |
If your company is listed on the stock exchange or if you are an executive with access to privileged information, this regulatory correction directly affects you. The Corrigendum to Delegated Regulation (EU) 2026/788, published on 1 September 2026, corrects errors in the text that amends Delegated Regulation (EU) 2016/522, the implementing regulation of the Market Abuse Regulation (MAR). This is not a minor policy change: the corrected texts are what determine when an executive can or cannot trade shares of their own company, which platforms are under coordinated European surveillance, and what signals trigger a manipulation investigation.
The practical impact falls on compliance departments, board secretaries and legal officers of listed issuers. The CNMV, as the national supervisor, also adapts its surveillance criteria to these corrected texts.
What does this regulation establish?
The corrigendum corrects Delegated Regulation (EU) 2026/788, which in turn amends Delegated Regulation (EU) 2016/522. The latter is the technical implementing regulation of MAR (Market Abuse Regulation). The corrections affect three distinct blocks:
| Block | Corrected content | Directly affects |
|---|---|---|
| 1. Authorization to trade during blackout periods | Conditions and procedure for executives and persons with access to privileged information to trade during closed periods (blackout periods prior to results or other relevant events) | Executives, board members and persons with access to privileged information in listed issuers |
| 2. List of cross-border platforms | Update of the list of trading platforms with significant cross-border dimension subject to coordinated supervision between national authorities | Financial intermediaries, platform operators, national supervisors such as the CNMV |
| 3. Market manipulation indicators | Correction of the indicators used to detect market manipulation practices on supervised platforms | Financial intermediaries, compliance departments, market supervisors |
The base regulation being amended, Delegated Regulation (EU) 2016/522, has been in force since 2016 and establishes the technical framework of MAR. Delegated Regulation 2026/788 introduced substantial changes in July 2026; this corrigendum corrects errors detected in that text before it causes confusion in its practical application.
Economic and operational impact
The impact is not measured in fees or sanctions directly quantified by this correction, but in compliance risk and cost of internal adaptation. Listed companies that do not update their internal trading policies in accordance with the corrected text are exposed to:
- Executive transactions during blackout periods that could be considered irregular if based on the text prior to the correction, with the consequent risk of investigation by the CNMV.
- Failures in financial intermediaries' surveillance systems that use outdated market manipulation indicators, which may result in breach of their reporting obligations.
- Lack of coordination with European supervisors if trading platforms are not correctly identified in the updated cross-border list.
The operational cost is concentrated on review and update of internal policies (trading windows, procedures for authorization of executive transactions) and on update of surveillance systems in financial intermediaries. For medium and large listed issuers, this type of review typically involves coordinated work between the legal department, compliance and the board secretariat.
Who does it affect?
- Companies listed on Spanish and European regulated markets: must review their closed period policies and trading windows for executives.
- Executives, board members and persons with access to privileged information: the conditions under which they can request authorization to trade during blackout periods are subject to the corrected text.
- Financial intermediaries (brokers, asset managers, credit institutions with market activity): must update their market manipulation surveillance indicators and verify whether they operate on platforms included in the updated cross-border list.
- Trading platform operators: affected by the update of the list of platforms with significant cross-border dimension.
- National supervisors (CNMV in Spain): adapt their criteria and coordinated supervision procedures to the corrected texts.
- Compliance departments and board secretariats: directly responsible for implementing the changes internally.
Practical example
Imagine you are the Chief Financial Officer (CFO) of a company listed on the Spanish continuous market. You plan to request authorization to sell a package of shares of your company during the closed period prior to the publication of annual results, relying on an exceptional circumstance permitted by MAR.
Your compliance department has prepared the authorization procedure based on the text of Delegated Regulation (EU) 2026/788 published in July 2026. However, that text contained errors that this corrigendum now corrects. If the internal procedure is not updated with the corrected text, the authorization granted may not meet the formal requirements in force, exposing both the executive and the company to an information request or investigation by the CNMV.
The concrete action: the compliance officer must compare the internal procedure for authorization of transactions in closed periods with the text of the corrigendum published on 1 September 2026, and update the internal policy if discrepancies are detected.
What should companies do now?
- Review the internal closed period policy and trading windows: compare the current procedure with the corrected text of Delegated Regulation (EU) 2026/788 to identify any discrepancies requiring update.
- Update executive transaction authorization procedures: ensure that forms, criteria and approval flows for trading during blackout periods reflect the corrected text, not the previous one.
- Verify market manipulation surveillance indicators: financial intermediaries must check that their detection and reporting systems are aligned with the corrected indicators.
- Check whether the platforms on which you operate are listed in the updated cross-border list: relevant for intermediaries and platform operators who must coordinate with supervisors in other Member States.
- Communicate the changes internally: inform executives, board members and any person with access to privileged information about the updated conditions for trading during blackout periods.
- Document the review carried out: keep written record that the internal policy has been reviewed and updated in accordance with the corrigendum, as evidence of diligence in the event of a CNMV inspection.
Frequently asked questions
What is a blackout period or "closed period" and what changes with this correction?
A closed period is the time interval prior to the publication of relevant financial information (results, corporate transactions) during which executives and persons with access to privileged information are generally prohibited from trading in securities of their company. Delegated Regulation (EU) 2016/522, as amended by 2026/788, establishes the exceptions under which authorization can be requested to trade anyway. This corrigendum corrects errors in those authorization conditions, so internal policies based on the previous text may not be compliant with the current text.
When does this correction enter into force and from when does it apply?
The corrigendum was published on 1 September 2026. The reference date of the corrected regulation (Delegated Regulation (EU) 2026/788) is 16 July 2026, which is the entry into force date of the original text. The corrections are understood to be applicable from that same date, so companies must act immediately to ensure compliance.
What is the role of the CNMV in the application of this regulation?
The CNMV is the Spanish national supervisor in matters of market abuse. It applies the criteria of MAR and its delegated regulations, including Delegated Regulation (EU) 2016/522 and its amendments. The corrections introduced by this corrigendum directly affect the CNMV's coordinated supervision procedures with other European authorities, especially regarding trading platforms with significant cross-border dimension and the market manipulation indicators it uses for its investigations.
What are the market manipulation indicators that are being corrected?
These are signals or patterns of trading behavior that supervisors and financial intermediaries use to detect possible market manipulation practices. Delegated Regulation (EU) 2016/522 includes a list of these indicators. Regulation 2026/788 modified them, and this corrigendum corrects errors in that modification. Financial intermediaries with an obligation to monitor and report suspicious transactions must ensure that their systems reflect the corrected indicators.
Which trading platforms are affected by the updated cross-border list?
The corrigendum corrects the list of trading platforms with significant cross-border dimension in the context of market abuse supervision. These platforms are subject to coordinated supervision between the competent national authorities of different Member States. The corrected text is what determines which platforms fall under that enhanced supervision regime. To find out the exact list of platforms included, you need to consult the full text of the corrigendum in the Official Journal of the EU.
Official source
Consult the complete regulation at official source
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=CELEX:32026R0788R(01)
