The EU Market Abuse Regulation is a complex legal framework, which requires substantial resources from the companies being regulated. We, at Logwise, have produced a condensed 7-bullet checklist with some of the most important obligations that need to be fulfilled in order to be compliant with MAR. The checklist is valid irrespective of your MAR processes being managed manually through spreadsheets or if you use a qualified service for more efficient handling.
There will be no immediate consequences, NCAs do not perform constant controls on all companies regulated unders MAR but would rather act upon specific decisions of an NCA. In case of an investigation, an NCA would most likely detect any inadequacies and, as a result, evaluate the extent of the violation and decide on appropriate sanctions to impose.
The sanctions under the Regulation are constructed to work as a strict deterrent and any sanctions imposed against a company are to be made public to have further discouraging effects. In the Regulation, the maximum sanctions that can be imposed are specified - see what sanctions can be imposed when in breach of MAR.
EU Regulation 596/2014 contains the current obligations for management of the insider list and the list for PDMR:s, as well as the applicable sanctions:
MAR guidelines from ESMA (European Securities and Markets Authority)