The European Securities and Markets Authority (ESMA) has published two Consultation Papers covering draft:
- technical standards on the Market Abuse Regulation (MAR); and
- technical advice on possible delegated acts concerning MAR.
The Consultation Paper on draft technical standards on MAR follows up on the earlier Discussion Paper that ESMA published last year and is based on the MAR text that was published in the Official Journal of the EU. It has eight main sections, covering all the topics for which draft technical standards are required. In Annex IV to VIII, the proposed text of the draft technical standards is presented. The draft technical standards have been organised as follows:
- Annex IV contains the draft regulatory technical standards (RTS) related to: (i) buy-back programmes and stabilisation measures; (ii) market soundings; and (iii) accepted market practices;
- Annex V contains the draft implementing technical standards (ITS) related to market soundings;
- Annex VI contains the draft RTS related to prevention and detection of market abuse;
- Annex VII contains the draft ITS related to: (i) disclosure of inside information and delay of disclosure of inside information; (ii) insider lists; (iii) managers’ transactions; and
- Annex VIII contains the draft RTS related to investment recommendation or other information recommending or suggesting an investment strategy.
The Consultation Paper on draft technical advice on possible delegated acts concerning MAR is divided into five main sections, reflecting the mandates received:
- specification of the indicators of market manipulation;
- minimum thresholds for the purpose of the exemption for certain participants in the emission allowance market from the requirement to publicly disclose inside information;
- determination of the competent authority for notification of delays in public disclosure of inside information;
- managers’ transactions; and
- reporting of infringements.
ESMA will finalise the draft technical standards for submission to the European Commission no later than 12 months after the entry into force of MAR (2 July 2015).
ESMA will consider the responses on its draft technical advice which it will finalise for submission to the European Commission by no later than eight months after the entry into force of MAR (2 March 2015).
The deadline for comments on both Consultation Papers is 15 October 2014.
ESMA will hold an open hearing on both consultations in Paris on 8 October 2014.