The European Securities and Markets Authority (ESMA) has updated its questions and answers on the Market Abuse Regulation (MAR). The update concerns a new question 7.7 which covers the topic of closely associated persons under Article 3(1)(26)(d) of MAR. An answer is provided to the following question:

According to Article 3(1)(26)(d) of MAR a closely associated person is, inter alia, a legal person, trust or partnership, the managerial responsibilities of which are discharged by a person discharging managerial responsibilities (PDMR) or by a closely associated natural person. Is the reference to the managerial responsibilities of which are discharged contained in Article 3(1)(26)(d) of MAR to be read in the same way as the definition of PDMR within an issuer contained in Article 3(1)(25) of MAR?

View ESMA updates MAR Q&A, 6 July 2017