The Financial Markets Law Committee (FMLC) has published a discussion paper on the issues of legal uncertainty arising in the context of the Market Abuse Regulation (MAR). The discussion paper discusses the following:
- the uncertainty as to the financial instruments that fall within the scope of MAR (section 3);
- the new EU wide market soundings regime introduced by Article 11 MAR and in particular, the analysis on the terms “transactions” and “announcement” within the definition of market sounding (section 4);
- FMLC’s impact analysis (section 5);
- proposed solutions by the FMLC (section 6); and
- FMLC’s conclusions (section 7).