There has been published a letter that the European Commission has sent to the European Securities and Markets Authority (ESMA) concerning draft implementing technical standards (ITS) on the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information pursuant to Article 17(10) of the Market Abuse Regulation (MAR).
The Commission states that it is supportive of the general approach that ESMA has taken with the draft ITS. However, it notes that Article 2(2) of the draft ITS requires entities that fall within the scope of the Regulation on Energy Market Integrity and Transparency (REMIT) to undertake public disclosures of inside information with substantially the same content as that required in MAR using the media channels as specified in the draft ITS.
The Commission states that it takes the view that a requirement obliging entities that fall within the scope of REMIT to systemically employ the media channels set out in MAR is disproportionate since the disclosures required in REMIT and its implementing acts allow emission allowance market participants (EAMP) to comply with the disclosure requirement established in Article 17(2) MAR.
Furthermore the Commission disagrees with ESMA’s view that disclosure by means of an EAMP’s own websites would have to be complemented by “the use of a channel of appropriate disclosure of inside information which meets the characteristics required under MAR.”
The Commission states that it intends to endorse the ITS once its concerns have been adequately taken into account and the necessary modifications have been made.
