Article 19 — Managers’ transactions — compare

8.Paragraph  1 shall apply to any subsequent transaction once a  total amount of EUR 20 000 has been reached within a  calendar year. The threshold of EUR 20 000 shall be calculated by adding without netting all transactions referred to in paragraph  1.

9.A competent authority may decide to increase the threshold set out in paragraph  8 to EUR 50 000 or to decrease it to EUR 10 000 and shall inform ESMA of its decision and the justification for its decision, with specific reference to market conditions, to adopt the higher or lower threshold prior to its application. ESMA shall publish on its website the list of thresholds that apply in accordance with this Article and the justifications provided by competent authorities for such thresholds.

12.Without prejudice to Articles  14 and 15, an issuer may allow a  person discharging managerial responsibilities within it to trade or to make transactions on its own account or for the account of a  third party during a  closed period as referred to in paragraph  11 of this Article:

12a.Without prejudice to Articles  14 and 15, an issuer shall allow a  person discharging managerial responsibilities within it to trade or to make transactions on its own account or for the account of a  third party during a  closed period as referred to in paragraph  11 of this Article in the case of transactions or trade activities that do not relate to active investment decisions undertaken by the person discharging managerial responsibilities, or that result exclusively from external factors or actions of third parties, or that are transactions or trade activities, including the exercise of derivatives, based on predetermined terms.