On 23 January 2023, the European Securities and Markets Authority (ESMA) published a letter that it had sent to Mairead McGuinness, Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union regarding the newly established market correction mechanism (MCM) that it is required to report on under Article 8 of Council Regulation 2022/2578. In this letter ESMA states that it is submitting a preliminary market data report concerning the introduction of the MCM and that whilst working on the preliminary report it has identified some provisions that would benefit from further clarity. ESMA has separately produced a report setting out the areas where it feels that further clarity is needed and states that it is ready to provide technical assistance to the European Commission in the affected areas.