On 17 June 2024, the European Commission (Commission) issued a report to the European Parliament and the Council regarding the delegation of power to adopt delegated acts pursuant to the Market Abuse Regulation (MAR).

Article 35 of MAR sets out the conditions under which the Commission is empowered to adopt delegated acts. Article 35(2) MAR specifies that the power to adopt delegated acts is conferred on the Commission for an initial period of five years from 31 December 2019, and stipulates the conditions for the extension of that power.  The initial five-year period expires on 31 December 2024. At the end of this period, the Commission is required to prepare a report. The report now published aims to fulfil that requirement.

In the report the Commission calls on the empowerment to be extended for a further period of five years.

In particular the Commission has not yet used the empowerment as regards:

  • Article 6(6) of MAR – Extending the exemption set out in Article 6(3) of MAR to certain designated public bodies of third countries that have entered into an agreement with the Union pursuant to Article 25 of EU Emissions Trading Directive.
  • Article 38 of MAR – Adjusting the thresholds laid down in Article 19(1a), points (a) and (b), of MAR.