Abstract

The article discusses the problem of disclosure of inside information in the normal course of the exercise of employment, profession or duties. The author proposes the teleological interpretation of MAR provisions which allows for using inside information in the course of business activity of the issuer. For such disclosure to be found not unlawful specific conditions should be met, which ensure that the aims of the MAR are realised. The issue of disclosure of inside information is analysed not only from the perspective of the issuer but also third persons who obtained such information.