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Topic: Market abuse

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ESMA updates MiFID II Q&As on investor protection and intermediaries’ topics

On 29 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR investor protection and intermediaries’ topics. The updated Q&As insert: (i) five new questions on best execution; and (ii) four new questions on information on costs and charges.  … Continue Reading

Commission request to ESMA on clarifying Article 38 of MAR

On 15 May 2019, the European Commission (Commission) published a letter (dated 20 March 2019) that it sent to the European Securities and Markets Authority (ESMA) regarding technical advice on the report to be submitted by the Commission under Article 38  of the Market Abuse Regulation (MAR). Under Article 38 of MAR, the Commission is … Continue Reading

FCA speech on improving compliance with market abuse regime

On 13 February 2019, the FCA published a speech by Julia Hogett (JH) (Director of Market Oversight at the FCA) on the implementation of the Market Abuse Regulation (MAR). Highlights of the speech include the following: compliance with MAR requires a whole series of situational judgements to be made; a regulatory system that relies on … Continue Reading

ESMA annual report on administrative and criminal sanctions and other administrative measures under MAR

On 15 November 2018, the European Securities and Markets Authority (ESMA) published its latest annual report regarding aggregated information on all administrative sanctions and other administrative measures imposed by national competent authorities and criminal sanctions imposed in a given year.… Continue Reading

ESMA updates MAR Q&As

On 12 November 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Market Abuse Regulation (MAR). The updated Q&As inserts one new question on the application of the prohibition contained in Article 19(11) MAR to issuers. Specifically, the new question asks whether the prohibition encompasses transactions of … Continue Reading

Market Watch 57 – ‘flying prices’ and ‘printing trades’

The FCA has published its latest issue of Market Watch, its newsletter on market conduct and transaction reporting issues. The FCA refers to a previous issue of Market Watch (issue 48) in which it highlighted concerns about firms publishing incorrect volume data and the possible market abuse risks related to this practice. The FCA remains … Continue Reading

CoRDiS imposes penalty for market manipulations on the wholesale energy market

On 5 October 2018, the Dispute Settlement and Sanctions Committee (CoRDiS) of French Regulatory Commission (CRE) fined VITOL S.A. €5 million for engaging in market manipulation on the French Southern virtual Gas Trading Point (PEG Sud) between 1 June 2013 and 31 March 2014. The EU Agency for the Cooperation of Energy Regulators (ACER) has … Continue Reading

ESMA updates MAR Q&As

On 1 October 2018, the European Securities and Markets Authority (ESMA) updated their Q&As on the Market Abuse Regulation (MAR). Three new Q&As have been added relating to the delayed disclosure of inside information under Article 17(5) of the MAR, which can be found on pages 13 – 15 of the Q&As.… Continue Reading

FCA Market Watch: issue 56

The FCA has published the latest issue of its newsletter Market Watch (issue 56). Market Watch is the FCA’s newsletter on market conduct and transaction reporting issues, in this issue the FCA covers: observations on market abuse surveillance; calibration of surveillance systems; assessing the risk of market abuse; fixed income surveillance; firm rationales for failings; and … Continue Reading

FCA proposed guidance on financial crime systems and controls: insider dealing and market manipulation

On 27 March 2018, the FCA issued Guidance Consultation 18/1: Proposed guidance on financial crime systems and controls: insider dealing and market manipulation (GC18/1). The FCA is proposing to update the financial crime guide for firms (Guide) with an additional chapter on insider dealing and market manipulation. The new chapter will outline the FCA’s observations … Continue Reading

Implementing Regulation on ITS on co-operation under MAR published in OJ

There has been published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2018/292 of 26 February 2018 laying down implementing technical standards with regard to procedures and forms for exchange of information and assistance between competent authorities according to Regulation (EU) No 596/2014 of the European Parliament and of the Council … Continue Reading

ESMA final draft ITS on supervisory cooperation for market abuse investigations

The European Securities and Markets Authority (ESMA) has published its final draft Implementing Technical Standards (ITS) regarding the application of the Market Abuse Regulation. The final draft ITS cover the procedures and forms for exchange of information and assistance between Member State competent authorities (NCAs) and ESMA as well as with other EU authorities, entities … Continue Reading

Market Watch 55

The FCA has published the latest issue of its newsletter Market Watch (issue 55). Market Watch is the FCA’s newsletter on market conduct and transaction reporting issues, in this issue the FCA covers: transaction reporting at the block or allocation level; applicable legislation; DRSP supervision forms; transitional arrangement reminder – transaction T+1; application of the … Continue Reading

ESMA updates Q&As on MAR

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A on Market Abuse Regulation (MAR). ESMA has added answers on the following questions: How should permission to trade in a closed period, which may be granted in certain circumstances to persons discharging managerial responsibilities (PDMR) in accordance with Article 19(12) … Continue Reading

Effective compliance with the Market Abuse Regulation – a state of mind

The FCA has published a speech given by Julia Hoggett (Director of Market Oversight, FCA). The speech is entitled Effective compliance with the Market Abuse Regulation – a state of mind. Key messages in the speech include the following: Primary market oversight – it has been observed in the media that the FCA now has … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority (ESMA) has updated its Q&As on the Market Abuse Regulation (MAR). The updated Q&As include a new detailed answer on the obligations of the issuers in the particular case of delayed inside information that then loses its price sensitivity feature during the delay period. View ESMA updates Q&A on … Continue Reading

FCA Market Watch issue 53

The FCA has published Market Watch 53. In this issue of Market Watch, the FCA focusses on the MiFID II legal entity identifier (LEI). An LEI is a unique identifier for persons that are legal entities or structures including companies, charities and trusts. The obligation for legal entities or structures to have an LEI was … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&As) on the Market Abuse Regulation (MAR). The purpose of the Q&As is to promote common, uniform and consistent supervisory approaches and practices in the day-to-day application of MAR. New questions and answers on the following topics have been added to … Continue Reading

ESMA updates MAR Q&A

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 … Continue Reading

Implementing Regulation on ITS regarding procedures and forms for competent authorities exchanging information with ESMA under MAR published in OJ

There has been published in the Official Journal of the European Union (OJ), Commission Implementing Regulation (EU) 2017/1158 of 29 June 2017 laying down implementing technical standards with regards to the procedures and forms for competent authorities exchanging information with the European Securities and Markets Authority as referred to in Article 33 of the Market … Continue Reading

Market Watch 52

The FCA has published Market Watch 52. In this issue of Market Watch the FCA focuses on its requirements concerning dividend arbitrage. The intention of dividend arbitrage is to place shares in alternative tax jurisdictions around dividend dates, with the aim of minimising withholding taxes (WHT), or generating WHT reclaims. This may involve several different … Continue Reading
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