Recital 76

(76) Certain transactions or activities carried out by the person discharging managerial responsibilities during the closed period might relate to irrevocable arrangements entered into outside of a closed period. Those transactions or activities might also result from a discretionary asset management mandate executed by an independent third party under a discretionary asset management mandate. Such transactions or activities might also be the consequence of duly authorised corporate actions not implying advantageous treatment for the person discharging managerial responsibilities. Furthermore, those transactions or activities might be the consequence of the acceptance of inheritances, gifts and donations, or the exercise of options, futures, or other derivatives agreed outside the closed period. Such activities and transactions, do not, in principle, involve active investment decisions by the persons discharging managerial responsibilities. Prohibiting such transactions or activities throughout the closed period would excessively restrict the freedom of persons discharging managerial responsibilities, as there is no risk that they will benefit from an informational advantage. In order to ensure that the prohibition to trade during the closed period applies only to transactions or activities that depend on the wilful investment activity of the person discharging managerial responsibilities, that prohibition should not cover transactions or activities that depend exclusively on external factors or that do not involve active investment decisions by the persons discharging managerial responsibilities.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.