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Topic: Market Abuse

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ESMA annual report on administrative and criminal sanctions and other administrative measures under MAR

On 15 November 2018, the European Securities and Markets Authority (ESMA) published its latest annual report regarding aggregated information on all administrative sanctions and other administrative measures imposed by national competent authorities and criminal sanctions imposed in a given year.… Continue Reading

ESMA updates MAR Q&As

On 12 November 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Market Abuse Regulation (MAR). The updated Q&As inserts one new question on the application of the prohibition contained in Article 19(11) MAR to issuers. Specifically, the new question asks whether the prohibition encompasses transactions of … Continue Reading

CoRDiS imposes penalty for market manipulations on the wholesale energy market

On 5 October 2018, the Dispute Settlement and Sanctions Committee (CoRDiS) of French Regulatory Commission (CRE) fined VITOL S.A. €5 million for engaging in market manipulation on the French Southern virtual Gas Trading Point (PEG Sud) between 1 June 2013 and 31 March 2014. The EU Agency for the Cooperation of Energy Regulators (ACER) has … Continue Reading

ESMA updates MAR Q&As

On 1 October 2018, the European Securities and Markets Authority (ESMA) updated their Q&As on the Market Abuse Regulation (MAR). Three new Q&As have been added relating to the delayed disclosure of inside information under Article 17(5) of the MAR, which can be found on pages 13 – 15 of the Q&As.… Continue Reading

Implementing Regulation on ITS on co-operation under MAR published in OJ

There has been published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2018/292 of 26 February 2018 laying down implementing technical standards with regard to procedures and forms for exchange of information and assistance between competent authorities according to Regulation (EU) No 596/2014 of the European Parliament and of the Council … Continue Reading

ESMA final draft ITS on supervisory cooperation for market abuse investigations

The European Securities and Markets Authority (ESMA) has published its final draft Implementing Technical Standards (ITS) regarding the application of the Market Abuse Regulation. The final draft ITS cover the procedures and forms for exchange of information and assistance between Member State competent authorities (NCAs) and ESMA as well as with other EU authorities, entities … 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 Market Abuse Regulation (MAR). ESMA has added answers on the following questions: How should permission to trade in a closed period, which may be granted in certain circumstances to persons discharging managerial responsibilities (PDMR) in accordance with Article 19(12) … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority (ESMA) has updated its Q&As on the Market Abuse Regulation (MAR). The updated Q&As include a new detailed answer on the obligations of the issuers in the particular case of delayed inside information that then loses its price sensitivity feature during the delay period. View ESMA updates Q&A on … Continue Reading

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

BaFin plans to amend MaComp

The German Federal Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) plans to amend its circular regarding the Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises (MaComp). Bafin has commenced … 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

Draft of Second Act on the Reform of Financial Markets Provisions (Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz – 2. FiMaNoG))

On 29 September 2016, the German Federal Ministry of Finance started the consultation process on the Second Financial Markets Amendment Act by sending a consultation draft to the Federal States and Associations. The Second Financial Markets Amendment Act transposes the revised requirements of the Markets in Financial Instruments Directive (MiFID II), the accompanying Markets in … 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
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