On 3 May 2022, the European Securities and Markets Authority (ESMA) issued two opinions regarding the European Commission’s proposed amendments to the regulatory technical standards (RTS) on liquidity contracts for SME Growth Market issuers and the implementing technical standards (ITS) on insider lists. The draft RTS and ITS were initially adopted by the ESMA in October 2020.

Whilst agreeing with the additions proposed by the Commission to the RTS, the ESMA disagrees with the Commission’s proposed change to the ITS that would exempt SME Growth Market issuers from the obligation to create different sections of the insider list for each piece of inside information and with the deletion of personal phone numbers from these insider lists, which would render market abuse investigations more difficult.

Following the adoption of the opinions, the Commission may adopt the ITS and the RTS with the amendments it considers relevant or reject them. The European Parliament and the Council may object to the RTS adopted by the Commission within a period of three-months.