{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2017-05-30","gaps":[],"covered":["ESMA Q&A 1719 — Q&A — Blanket cancellation of orders policy [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mar/level-3/q-and-a/esma/esma-qa-1719-blanket-cancellation-of-orders-policy","url":"https://www.headlesslaw.com/mar/level-3/q-and-a/esma/esma-qa-1719-blanket-cancellation-of-orders-policy","title":"ESMA Q&A 1719 — Q&A — Blanket cancellation of orders policy [Answer 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· published 30 May 2017 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2017-05-30","question_submitted_on":"2017-05-30","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1719, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1719, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1719","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mar/level-3/q-and-a/esma/esma-qa-1719-blanket-cancellation-of-orders-policy.md","body_sha256":"e2235ea2f5e56d07abaa1a362f8eb225f78ecf1fc2efea5f1f4a6f7f2f6f52b2"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1719 — Q&A — Blanket cancellation of orders policy [Answer Published]\"\nshortTitle: \"ESMA Q&A 1719 — Q&A — Blanket cancellation of orders policy [Answer Published]\"\nanswer_id: ESMA_QA_1719\ntopic: \"Other MAR-related topics\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MAR\"\nmar_level3: true\nmica_level2: false\nlegal_basis: \"MAR\"\ndate: 30 May 2017\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1719\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 30 May 2017\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1719\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1719: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2017-05-30\"\n  question_submitted_on: \"2017-05-30\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1719, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1719, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 30 May 2017 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 30 May 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1719)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1719 — Q&A — Blanket cancellation of orders policy \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1719 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 30 May 2017; question submitted 30 May 2017 |\n| **Legal basis** | MAR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Blanket cancellation of orders policy**\n\n### Question\n\nIs a policy pursuant to which, after becoming in possession of inside information, the person should immediately and without the exercise of discretion cancel all orders relating to that information (“blanket order cancellation policy”) compliant with the insider dealing prohibition under MAR?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 4.1\\]\n\nArticle 8(1) of MAR states that “the use of inside information by cancelling or amending an order placed before the person concerned possessed inside information” constitutes insider dealing. This presumption is rebuttable under Recital 25 of MAR if the person establishes that they “did not use the inside information when carrying out the transaction”.\n\nFor those reasons, it cannot be concluded that a blanket order cancellation policy per se constitutes insider dealing.\n\nIt follows that where a firm decides to adopt a blanket cancellation policy for its proprietary trading, the fact that the cancellation may or may not constitute insider dealing will have to be assessed on case-by-case basis, by determining whether or not the cancellation was indeed performed without using the inside information.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1719)\n"}