Article 4 of the Market Abuse Regulation (MAR) and Article 27 of the Markets in Financial Instruments Regulation (MiFIR) establish a requirement on the provision of instrument reference data to the Member State competent authorities. Such competent authorities should in turn provide this data to the European Securities and Markets Authority (ESMA) that will make it available on its website. The purpose of such requirements are intended to provide transparency to market participants and ensure that Member State competent authorities possess the necessary tools to fulfil their supervisory duties under MAR and MiFIR.
Given the common purpose of the two provisions and the common reference data elements to be provided, ESMA deemed it appropriate to ensure that the two requirements are aligned and that a single set of reference data is published on ESMA’s website.
On 28 September 2015, ESMA published its final report on draft technical standards on MAR and submitted it to the European Commission (Commission). ESMA consulted on its approach to propose a single set of reference data in a Discussion Paper on MiFIR on 22 May 2014. ESMA’s approach was further clarified in a Consultation Paper published on 18 February 2015 where the European Supervisory Authority sought feedback on further issues related to the instrument reference data, including the proposed list of details of financial instruments to be provided in the reports.
The Commission has now adopted a Delegated Regulation that sets out provisions with the details of financial instruments to be included in the instrument reference data reported under the first and third paragraphs of article 4 of MAR. The Commission has also published an Annex to the Delegated Regulation, that sets out the classification of commodity and emission allowances derivatives and the content of the notifications to be submitted by Member State competent authorities.
The Delegated Regulation applies from 3 July 2016.
