--- title: "ESMA Q&A 1734 — Q&A — Trading during closed periods and prohibition [Answer Published]" shortTitle: "ESMA Q&A 1734 — Q&A — Trading during closed periods and prohibition [Answer Published]" answer_id: ESMA_QA_1734 topic: "Managers' transactions" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MAR" mar_level3: true mica_level2: false legal_basis: "MAR" date: 21 November 2017 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1734 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 21 November 2017" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1734" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_1734: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2017-11-21" question_submitted_on: "2017-11-21" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1734, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1734, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 21 Nov 2017 [Answer Published]** *Answer Published · ESMA Q&A register, 21 November 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1734)* | | | |---|---| | **Full title** | ESMA Q&A 1734 — Q&A — Trading during closed periods and prohibition \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1734 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 21 November 2017; question submitted 21 November 2017 | | **Legal basis** | MAR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Trading during closed periods and prohibition of insider dealing** ### Question How should permission to trade in a closed period, which may be granted in certain circumstances to PDRMs in accordance with Article 19(12) of MAR, be considered in the context of Article 14 of MAR? *** ### Answer \[ESMA70-145-111 MAR Q&A, Q&A 7.8\] The insider dealing prohibition contained in Article 14 of MAR applies during closed periods referred to in Article 19(11) of MAR in the same way as it does at any other time, and must therefore be complied with by PDMRs. This means that when an issuer allows a PDMR to trade under Article 19(12) of MAR, the general insider dealing provisions still apply and the PDMR must always give consideration as to whether or not the relevant transaction would constitute insider dealing. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1734)