Inside-information access map
Link Article 87 classification files to the people, teams, wallets, accounts, venues, order books, issuer or offeror workstreams, and third-party advisers that can access the information.
What Article 89 changes operationally
Prohibition of insider dealing: Regulation (EU) 2023/1114 Article 89 addresses situations where a person possesses inside information and uses that information to acquire or dispose of related crypto-assets for its own account or for a third party.
Article 89 also treats the use of inside information by cancelling or amending an order concerning a related crypto-asset as insider dealing where the order was placed before the person possessed the inside information, and covers submitting, modifying, or withdrawing a bid.
The provision prohibits engaging or attempting to engage in insider dealing, and says no person shall recommend or induce another person to engage in insider dealing. It also addresses recommendations or inducements where the person using them knows or ought to know they are based on inside information.
Article 89 applies to people who possess inside information through management or supervisory roles, holdings, employment, profession, duties, distributed-ledger-technology roles, criminal activity, or other circumstances where the person knows or ought to know it is inside information. For legal persons, it can apply to natural persons who participate in the decision for the legal person's account.
This page is a control-mapping checklist. It is not a legal interpretation, market-abuse determination, trading recommendation, filing guide, broker recommendation, or assurance about any trade, order, recommendation, inducement, person, or fact pattern.
Article 89 evidence matrix
Trade and order-change freeze
Record restriction lists, affected crypto-assets, order-cancellation and order-amendment gates, bid controls, approval owners, timestamps, and exception escalation notes.
Recommendation and inducement controls
Keep evidence that research notes, client communications, internal chats, market-making instructions, social posts, and issuer updates are reviewed before recommending, inducing, or transmitting trade ideas.
Role-based coverage
Map management-body members, holders, employees, contractors, professional advisers, DLT operations roles, outsourced providers, and other access paths to training and restriction evidence.
Legal-person decision trail
For entity accounts, retain the natural-person decision participants, committee materials, approvals, order instructions, account owner, and conflicts or segregation evidence.
Escalation and handoffs
Connect suspected insider-dealing scenarios to Article 86 market-abuse scope, Article 87 classification, Article 88 disclosure timing, Article 72 conflicts, Article 68 governance, and incident records.
Review-ready tracker
- Restriction owner: named person or committee for inside-information intake, access restriction, trading freeze, order-change review, recommendation controls, and evidence retention.
- Evidence sources: Article 87 memo, access logs, restricted-list records, personal-account dealing controls, order records, bid records, communications review, and escalation decisions.
- Decision records: affected crypto-assets, account scope, timestamped acquisition/disposal/order-change decisions, recommendation or inducement review, and unresolved counsel or compliance questions.
- Handoff pages: link the file to Article 86 market-abuse scope, Article 87 inside information, Article 88 public disclosure, Article 72 conflicts, and Article 68 governance controls.
FAQ
What does MiCA Article 89 cover?
Article 89 is titled “Prohibition of insider dealing” and covers use of inside information to acquire or dispose of related crypto-assets, certain order cancellations or amendments, bids, attempts, recommendations, inducements, and people who know or ought to know information is inside information.
Why does Article 89 matter for CASP evidence packs?
CASPs, venues, issuers, offerors, and service providers may need evidence that inside-information access, restricted assets, order handling, communications, recommendation controls, conflicts, and governance escalations are mapped before market-abuse, partner, auditor, counsel, broker, insurer, or internal-risk review.
How does Article 89 connect to operational risk?
Insider-dealing controls can expose gaps in access management, employee dealing, entity-account decision trails, market-making instructions, client communications, order amendments, disclosure timing, and conflicts escalation. Those gaps can matter operationally without turning this page into legal, trading, or insurance advice.