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Topic: Market Abuse

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ACER updates its REMIT data reporting guidance

On 24 November 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) announced that it has updated its REMIT data reporting guidance. Following extensive consultation with stakeholders launched in June 2022 that aimed to improve REMIT data reporting, ACER had published: The updated Transaction Reporting User Manual (TRUM) and its annexes. The … Continue Reading

ESMA report on the administrative and criminal sanctions and other administrative measures imposed under the Market Abuse Regulation in 2021

On 18 November 2022, the European Securities and Markets Authority (ESMA) published a report on the administrative and criminal sanctions and other administrative measures imposed under the Market Abuse Regulation (MAR) in 2021. Article 33 of MAR obliges ESMA to publish an annual report with aggregated information of all penalties and measures imposed by Member … Continue Reading

ACER and ESMA enhance cooperation to strengthen oversight of energy and energy derivatives markets

On 18 October 2022, the EU Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA) announced that they are strengthening their cooperation to further improve information exchange and avoid potential market abuse in Europe’s spot and derivative markets. Henceforth, ACER and ESMA have announced the following: New joint … Continue Reading

Commission Delegated Regulation (EU) 2022/1959 supplementing MAR with regards to RTS setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to trading on an SME growth market

On 18 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1959 of 13 July 2022 supplementing the Market Abuse Regulation with regards to regulatory technical standards setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to … Continue Reading

ESMA updates Q&As on the Market Abuse Regulation

On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on the Market Abuse Regulation. The following have been updated under the section concerning the disclosure of inside information: 5.11 Financial guidance and disclosure of inside information. 5.12 Market analysts’ expectations and the identification of inside information.… Continue Reading

Commission Implementing Regulation laying down ITS for the application of MAR with regard to the format of insider lists and their updates

On 14 July 2022, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2022/1210 of 13 July 2022 laying down implementing technical standards for the application of the Market Abuse Regulation with regard to the format of insider lists and their updates. The Implementing Regulation enters into force on … Continue Reading

Delegated Regulation supplementing MAR with RTS on a contractual template for liquidity contracts

On 13 July 2022, the European Commission published a Delegated Regulation supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to trading on an SME growth market together with an annex. The RTS … Continue Reading

ESMA updated Q&As on the Market Abuse Regulation

On 23 June 2022, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR). The ESMA has added a new answer concerning the scope of Article 11(1a) of the MAR. Specifically, the answer covers whether the scope of Article 11(1a) is limited to the communication of information to potential … Continue Reading

ESMA objects to Commission’s proposed amendments on its draft ITS on insider lists

On 3 May 2022, the European Securities and Markets Authority (ESMA) issued two opinions regarding the European Commission’s proposed amendments to the regulatory technical standards (RTS) on liquidity contracts for SME Growth Market issuers and the implementing technical standards (ITS) on insider lists. The draft RTS and ITS were initially adopted by the ESMA in … Continue Reading

ESMA guidelines on MAR delay in the disclosure of inside information and interactions with prudential supervision

On 13 April 2022, there was published the official translations of the European Securities and Markets Authority’s guidelines concerning delay in the disclosure of inside information and interactions with prudential supervision. The official translations can be accessed on this link and then click the blue ‘i’ in the ‘Info’ column. The guidelines apply 2 months … Continue Reading

ACER updates TRUM

On 31 March 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) published an updated version of its Transaction Reporting User Manual (TRUM) and its Annex II. The update follows a five month consultation and the amendments provide guidance on the reporting of transactions related to the transportation of natural gas, which … Continue Reading

FCA statement ‘Events in Ukraine – impact on financial markets’

On 3 March 2022, the FCA issued a statement on its website concerning events in Ukraine and the sanctions imposed on Russia, reminding issuers of securities admitted to UK trading venues of their disclosure obligations under the UK Market Abuse Regulation (MAR). The statement goes on to remind companies in scope of MAR that they … Continue Reading

Questions & Answers on REMIT (26th Edition)

On 14 December 2021, the Agency for the Cooperation of Energy Regulators (ACER) published the 26th Edition of its Questions and Answers on REMIT. These Q&As contain a summary of frequently asked questions about Regulation (EU) No 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) and the ACER’s answers to … Continue Reading

Administrative and criminal sanctions and other administrative measures imposed under the MAR in 2020

On 23 November 2021, the European Securities and Markets Authority published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued across the European Union under the Market Abuse Regulation in 2020. The annual report describes an increase in the number of administrative sanctions and measures in 2020 compared to … Continue Reading

Commission Delegated Regulation supplementing MAR with regard to RTS containing a template document for cooperation arrangements with third countries

On 11 October 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/1783 of 2 July 2021 supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) containing a template document for cooperation arrangements with third countries. Article 26(1) of MAR requires the competent authorities … Continue Reading

Commission adopts Delegated Regulation supplementing MAR with RTS on cooperation arrangements with third countries

On 14 September 2021, the European Commission adopted a Delegated Regulation of 2 July 2021 supplementing the Market Abuse Regulation with regard to regulatory technical standards containing a template document for cooperation arrangements with third countries and an Annex containing a template document. The adoption of the Delegated Regulation had been delayed due to the … Continue Reading

ESMA updates Q&As on MAR

On 6 August 2021, the European Securities and Markets Authority updated its Q&As on the Market Abuse Regulation. Specifically ESMA has inserted answers to the following new questions all dealing with the disclosure of inside information: Q5. 8 – Interaction between MAR and Credit Rating Agencies Regulation. Q5. 9 – Disclosure to the public of … Continue Reading

ACER – updated Q&As on REMIT 25th edition

On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities … Continue Reading

ACER publishes updated guidance on REMIT

On 22 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the sixth edition of its guidance on the Regulation on wholesale energy market integrity and transparency (REMIT). The guidance is intended to help EU national regulatory authorities on the application of the definitions set out in Article 2 of REMIT … Continue Reading

Fifth edition of ACER guidance on the application of REMIT

On 11 May 2021, the European Union Agency for the Cooperation of Energy Regulators (ACER) published the fifth edition of its guidance on the application of the Regulation on wholesale energy market integrity and transparency (REMIT). In this edition, ACER provides more detailed guidance concerning the definition of information and inside information under REMIT.… Continue Reading

ACER updates guidance to facilitate REMIT transaction reporting

On 3 May 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published updated REMIT guidance comprising of: New version of Annex II of the Transaction Reporting User Manual (TRUM). Annex VII of the Manual of Procedures on data reporting. FAQs on transaction reporting and on fundamental data and inside information. Annex II … Continue Reading

ESMA sees significant increase in EU market abuse sanctions to €88 million in 2019

On 21 December 2020, the European Securities and Markets Authority (ESMA) published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued under the Market Abuse Regulation (MAR) in 2019. The report shows that Member State national competent authorities (NCAs) and other authorities imposed a total of €88 million in … Continue Reading

ACER latest Q&As on REMIT

On 17 December 2020, the EU Agency for the Cooperation of Energy Regulators published the 24th edition of its Q&As on the Regulation of wholesale energy market integrity and transparency (REMIT). The following new entries have been inserted in the Q&As: Page 72, III.3.46: Could you please clarify when considering REMIT obligations if we should … Continue Reading

ESMA submits two draft technical standards under the Market Abuse Regulation to the European Commission

On 29 October 2020, the European Securities and Markets Authority (ESMA) published a final report on amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME growth markets. Regulation (EU) 2019/21158 on the promotion of the use of SME growth markets (SME GM Regulation) amended Articles 13 of MAR (by … Continue Reading
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