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Topic: Market abuse

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ESMA announces launch of reference data submission under MAR

The European Securities and Markets Authority (ESMA) has issued a communication regarding the launch of reference data submission under the Market Abuse Regulation (MAR). In the communication ESMA announces that its IT system for the collection of financial instrument reference data under Article 4(1) of MAR (i.e. the Financial Instrument Reference Data System – FIRDS) … Continue Reading

ESMA updates MAR Q&As

The European Securities and Markets Authority has published an updated Q&A on practical questions regarding the implementation of the Market Abuse Regulation. The updated Q&As include new answers regarding: disclosure of inside information related to Pillar II requirements; and blanket cancellation of orders policy. ESMA will periodically review the Q&As and update them when required. … Continue Reading

FMLC discussion paper on issued of legal uncertainty in the Market Abuse Regulation

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 … Continue Reading

ESMA opinion on points of convergence in relation to MAR accepted market practices on liquidity contracts

The Market Abuse Regulation (MAR) provides a harmonised framework for the prohibition of market manipulation. This encompasses a prohibition on entering into a transaction, placing an order to trade or engaging in behaviour which gives, or is likely to give, a false or misleading signal as to the supply of, demand for, or price of, … Continue Reading

The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017

There has been published on the legislation.gov.uk website The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017 (the Regulations). The Regulations amend the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (the 2001 Regulations) and the Financial Services … Continue Reading

MAR: FCA Policy Statement on changes to DTR 2.5 (delaying disclosure of inside information)

On 29 November 2016, we blogged that the FCA released Consultation Paper 16/38: DRT 2.5 change: delay in the disclosure of inside information (CP16/38) setting out proposed amendments to its Handbook in order to comply with the European Securities and Markets Authority’s (ESMA) guidelines on the delay in the disclosure of inside information, specifically DTR … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority has published its latest Q&A on the Market Abuse Regulation. The updated Q&A include: a new Q&A relating to managers’ transactions; and new Q&As relating to investment recommendation and information recommending or suggesting an investment strategy. View ESMA updates Q&A on MAR, 27 January 2017… Continue Reading

Official translations of MAR guidelines on inside information and commodity derivatives

On 30 September 2016, the European Securities and Markets Authority (ESMA) published its final guidelines on inside information and commodity derivatives under the Market Abuse Regulation (MAR). Our blog entry is here. ESMA has now published the official translations of the guidelines. Member State national competent authorities (NCA) have two months in which to confirm … Continue Reading

ESMA updates Q&A on MAR

The European Securities and Markets Authority has published an updated version of its Questions and Answers (Q&As) on the Market Abuse Regulation (MAR). The Q&As include: three new Q&As on managers’ transactions; and four new Q&As on investment recommendations and information recommending or suggesting an investment strategy. View ESMA updates Q&A on MAR, 20 December … Continue Reading

FCA consultation on amendments to DTR 2.5 (delaying disclosure of inside information)

The FCA has published Consultation Paper 16/38: DTR 2.5 changes: delay in the disclosure of inside information (CP16/38). In CP16/38 the FCA sets out proposed amendments to its Handbook in order to comply with the European Securities and Markets Authority’s guidelines on the delay in the disclosure of inside information, specifically DTR 2.5. In amending … Continue Reading

Former investment portfolio manager pleads guilty to two counts of insider dealing

The FCA has announced that a former investment portfolio manager has pleaded guilty to two counts of insider dealing and will be sentenced on 21 December 2016. The FCA states that the individual admitted dealing on the basis of inside information he obtained during the course of his employment. In his role at the fundamental … 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 the Market Abuse Regulation (MAR). The purpose of this document is to promote common supervisory approaches and practices in the application of MAR and the related implementing measures. It does this by providing responses to questions posed by the … Continue Reading

ESMA publishes official translations of MAR guidelines

The European Securities and Markets Authority has translated the following Market Abuse Regulation (MAR) guidelines into the 22 official languages of the EU: guidelines on persons receiving market soundings. The guidelines apply in relation to the factors, the steps and the records that the persons receiving the market soundings will have to consider and implement … Continue Reading

ESMA issues final guidelines on commodity derivatives inside information

Article 7(5) of the Market Abuse Regulation (MAR) provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in EU or national law, market rules, contract, practice or … Continue Reading

FCA Market Watch 51

In Market Watch 50 the FCA highlighted its increased focus on firms’ systems and controls to prevent market abuse. Our blog entry is here. The FCA has now published Market Watch 51 in which it reports on a recent review of the market abuse systems and controls currently employed at several firms that engage in … Continue Reading

Corrigendum to Market Abuse Regulation

The Council of the EU has published a corrigendum to the Market Abuse Regulation (MAR). The corrigendum explains that there are ‘obvious errors’ in MAR that need to be corrected in all language versions. The English language part of the corrigendum can be found on pages 26 and 27. Member States have eight days in … Continue Reading

MAR: CLLS and Law Society second Q&A

The City of London Law Society (CLLS) and Law Society Company Law Committees’ Joint Working Parties on Market Abuse, Share Plans and Takeovers Code (have published a second Q&A setting out their suggested approach to implementing certain aspects of the Market Abuse Regulation (MAR). The Q&A includes questions and answers in relation to market soundings, … Continue Reading

ESMA final report on draft ITS on sanctions and measures under MAR

The European Securities and Markets Authority (ESMA) has issued the final implementing technical standards (ITS) regarding sanctions and measures which will implement the Market Abuse Regulation (MAR). The ITS prescribes how national competent authorities (NCAs) should notify ESMA annually of the investigations they conduct and the sanctions and measures imposed in their Member States under … Continue Reading

ESMA final guidelines on market soundings and delayed disclosure of inside information under MAR

The European Securities and Markets Authority (ESMA) has issued final guidelines clarifying the implementation of the Market Abuse Regulation (MAR) for persons receiving market soundings and on delayed disclosure of inside information. Market soundings are a communication of information, prior to the announcement of a transaction, in order to gauge the interest of potential investors … Continue Reading

The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 published

There has been published on the legislation.gov.uk website, the Financial Services and Markets Act 2000 (Transparency of Securities Financial Transactions and of Reuse) Regulations 2016 (the Regulations) together with an explanatory memorandum. The Regulations will come into force on 13 July 2016 and will implement in part the EU Regulation on transparency of securities financing … Continue Reading
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