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Topic: Market abuse

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ESMA updates Q&A on MAR

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&As) on the Market Abuse Regulation (MAR). The purpose of the Q&As is to promote common, uniform and consistent supervisory approaches and practices in the day-to-day application of MAR. New questions and answers on the following topics have been added to … Continue Reading

ESMA updates MAR Q&A

The European Securities and Markets Authority (ESMA) has updated its questions and answers on the Market Abuse Regulation (MAR). The update concerns a new question 7.7 which covers the topic of closely associated persons under Article 3(1)(26)(d) of MAR. An answer is provided to the following question: According to Article 3(1)(26)(d) of MAR a closely … Continue Reading

Implementing Regulation on ITS regarding procedures and forms for competent authorities exchanging information with ESMA under MAR published in OJ

There has been published in the Official Journal of the European Union (OJ), Commission Implementing Regulation (EU) 2017/1158 of 29 June 2017 laying down implementing technical standards with regards to the procedures and forms for competent authorities exchanging information with the European Securities and Markets Authority as referred to in Article 33 of the Market … Continue Reading

ESMA issues standards on regulatory cooperation regarding market abuse

The European Securities and Markets Authority (ESMA) has issued a final report containing draft Implementing Technical Standards (ITS) regarding the application of the Market Abuse Regulation (MAR). The draft ITS clarify how Member State national competent authorities should cooperate with each other under the MAR. The draft ITS set out procedures and forms for NCAs … Continue Reading

ESMA announces launch of reference data submission under MAR

The European Securities and Markets Authority (ESMA) has issued a communication regarding the launch of reference data submission under the Market Abuse Regulation (MAR). In the communication ESMA announces that its IT system for the collection of financial instrument reference data under Article 4(1) of MAR (i.e. the Financial Instrument Reference Data System – FIRDS) … Continue Reading

ESMA updates MAR Q&As

The European Securities and Markets Authority has published an updated Q&A on practical questions regarding the implementation of the Market Abuse Regulation. The updated Q&As include new answers regarding: disclosure of inside information related to Pillar II requirements; and blanket cancellation of orders policy. ESMA will periodically review the Q&As and update them when required. … Continue Reading

ESMA opinion on points of convergence in relation to MAR accepted market practices on liquidity contracts

The Market Abuse Regulation (MAR) provides a harmonised framework for the prohibition of market manipulation. This encompasses a prohibition on entering into a transaction, placing an order to trade or engaging in behaviour which gives, or is likely to give, a false or misleading signal as to the supply of, demand for, or price of, … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority has published its latest Q&A on the Market Abuse Regulation. The updated Q&A include: a new Q&A relating to managers’ transactions; and new Q&As relating to investment recommendation and information recommending or suggesting an investment strategy. View ESMA updates Q&A on MAR, 27 January 2017… Continue Reading

Official translations of MAR guidelines on inside information and commodity derivatives

On 30 September 2016, the European Securities and Markets Authority (ESMA) published its final guidelines on inside information and commodity derivatives under the Market Abuse Regulation (MAR). Our blog entry is here. ESMA has now published the official translations of the guidelines. Member State national competent authorities (NCA) have two months in which to confirm … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority has published an updated version of its Questions and Answers (Q&As) on the Market Abuse Regulation (MAR). The Q&As include: three new Q&As on managers’ transactions; and four new Q&As on investment recommendations and information recommending or suggesting an investment strategy. View ESMA updates Q&A on MAR, 20 December … Continue Reading

Consultation relating to the Market Abuse Regulation

On 17 November 2016, the Dutch Minister of Finance published for consultation a draft decree effecting the European Market Abuse Regulation (MAR) (the Decree). The Decree is the second step to ensure that Dutch law complies with the MAR. The first step was completed on 11 August 2016, with the entry into force of the … Continue Reading

ESMA updates Q&As on MAR

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A on the Market Abuse Regulation (MAR). The purpose of this document is to promote common supervisory approaches and practices in the application of MAR and the related implementing measures. It does this by providing responses to questions posed by the … Continue Reading

ESMA issues final guidelines on commodity derivatives inside information

Article 7(5) of the Market Abuse Regulation (MAR) provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in EU or national law, market rules, contract, practice or … Continue Reading

Corrigendum to Market Abuse Regulation

The Council of the EU has published a corrigendum to the Market Abuse Regulation (MAR). The corrigendum explains that there are ‘obvious errors’ in MAR that need to be corrected in all language versions. The English language part of the corrigendum can be found on pages 26 and 27. Member States have eight days in … Continue Reading

ESMA final report on draft ITS on sanctions and measures under MAR

The European Securities and Markets Authority (ESMA) has issued the final implementing technical standards (ITS) regarding sanctions and measures which will implement the Market Abuse Regulation (MAR). The ITS prescribes how national competent authorities (NCAs) should notify ESMA annually of the investigations they conduct and the sanctions and measures imposed in their Member States under … Continue Reading

ESMA final guidelines on market soundings and delayed disclosure of inside information under MAR

The European Securities and Markets Authority (ESMA) has issued final guidelines clarifying the implementation of the Market Abuse Regulation (MAR) for persons receiving market soundings and on delayed disclosure of inside information. Market soundings are a communication of information, prior to the announcement of a transaction, in order to gauge the interest of potential investors … Continue Reading

Decree implementing Market Abuse Regulation enters into force on 3 July 2016

On 1 July 2016, the Dutch Minister of Finance published the Decree implementing the European Market Abuse Regulation (No 596/2014) (MAR) (the Implementation Decree). The Implementation Decree will enter into force on 3 July 2016. As of 3 July 2016, most of the current Dutch market abuse rules as laid down in the Act on … Continue Reading

The Market Abuse Regulation: are you ready?

With the Market Abuse Regulation coming into effect on July 3, 2016 we have published a short video setting out some of the key considerations for firms. Our video can be found here In addition, in the run up to July we produced a number of webinars on MAR covering: manipulation, insider dealing, suspicious transaction … Continue Reading

MAR Delegated and Implementing Regulations published in the OJ

The following has been published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures; and Commission Implementing Regulation (EU) … Continue Reading

Table on MAR technical standards

The European Commission has published a table setting out the current position as regards the technical standards under the Market Abuse Regulation. In particular the table sets out whether a technical standard has been published in the Official Journal of the EU. View Technical standards under Regulation (EU) No 596/2014, 24 June 2016… Continue Reading

MAR Delegated and Implementing Regulations published in OJ

The following have been published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) for appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings; Commission Implementing Regulation (EU) 2016/959 of 17 May … Continue Reading

Inside information disclosure under MAR: ESMA disagrees with Commission’s proposal on EAMPs

The European Securities and Markets Authority (ESMA) has issued an opinion in response to a notification by the European Commission (the Commission) about intended changes to a draft Implementing Technical Standard (ITS) on the disclosure of inside information under the Market Abuse Regulation (MAR). On 28 September 2015, ESMA submitted draft ITS on the technical … Continue Reading
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