Article 7(5) of the Market Abuse Regulation (MAR) provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in EU or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR.

Following an earlier consultation in March 2016 ESMA has now issued its final guidelines under Article 7(5) of MAR. The guidelines will be translated into the official languages of the EU and published on ESMA’s website. Within 2 months of the issuance of the translations, each Member State national competent authority (NCA) will have to confirm whether it complies or intends to comply with the guidelines. In the event that an  NCA does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that an NCA does not comply or does not intend to comply with the guidelines.

View ESMA issues final guidelines on commodity derivatives inside information, 30 September 2016

 

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