The European Securities and Markets Authority (ESMA) has published a final report containing its technical advice on possible delegated acts concerning the Market Abuse Regulation (MAR).
ESMA’s technical advice:
- specifies the MAR market manipulation indicators, by providing examples of practices that may constitute market manipulation as well as proposing “additional” indicators of market manipulation;
- recommends to set the minimum thresholds that exempt certain market participants in the emission allowance market from publicly disclosing inside information at six million tonnes of CO2eq per year and at 2,430 MW rated thermal input;
- suggests the way to determine to which regulator delays in the disclosure of inside information needs to be notified;
- provides clarifications on the enhanced disclosure of managers’ transactions. ESMA also clarifies the transactions that can be allowed by the issuer during a closed period when normally managers are prohibited to trade; and
- proposes procedures and arrangements to ensure sound whistleblowing infrastructures – i.e. EU national regulators should allow the receipt of reports of infringements, including providing for appropriate communication channels and guaranteeing the protection of reporting and reported persons, with respect to their identify and their personal data.
The delegated acts should be adopted by the European Commission so that they enter into force 24 months after the entry into force of MAR, taking into account the right of the European Parliament and Council of the EU to object to a delegated act within 3 months (which can be extended by a further 3 month period).