On 17 July 2023, the European Securities and Markets Authority (ESMA) published a report on Suspicious Transactions and Order Reports (STORs). The report provides an overview of how STORs are used across different Member States in the context of the detection and investigation of market abuse, and how their use has evolved over time. The … Continue Reading
On 20 March 2023, the European Securities and Markets Authority (ESMA) published a letter, addressed to the European Parliament and Council, raising concerns over proposed changes to the insider list regime in the Market Abuse Regulation. The proposed changes, put forward by the European Commission (Commission) in December 2022 as part of the Listings Act … Continue Reading
On 24 November 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) announced that it has updated its REMIT data reporting guidance. Following extensive consultation with stakeholders launched in June 2022 that aimed to improve REMIT data reporting, ACER had published: The updated Transaction Reporting User Manual (TRUM) and its annexes. The … Continue Reading
On 18 November 2022, the European Securities and Markets Authority (ESMA) published a report on the administrative and criminal sanctions and other administrative measures imposed under the Market Abuse Regulation (MAR) in 2021. Article 33 of MAR obliges ESMA to publish an annual report with aggregated information of all penalties and measures imposed by Member … Continue Reading
On 18 October 2022, the EU Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA) announced that they are strengthening their cooperation to further improve information exchange and avoid potential market abuse in Europe’s spot and derivative markets. Henceforth, ACER and ESMA have announced the following: New joint … Continue Reading
On 18 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1959 of 13 July 2022 supplementing the Market Abuse Regulation with regards to regulatory technical standards setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to … Continue Reading
On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on the Market Abuse Regulation. The following have been updated under the section concerning the disclosure of inside information: 5.11 Financial guidance and disclosure of inside information. 5.12 Market analysts’ expectations and the identification of inside information.… Continue Reading
On 14 July 2022, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2022/1210 of 13 July 2022 laying down implementing technical standards for the application of the Market Abuse Regulation with regard to the format of insider lists and their updates. The Implementing Regulation enters into force on … Continue Reading
On 13 July 2022, the European Commission published a Delegated Regulation supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to trading on an SME growth market together with an annex. The RTS … Continue Reading
On 23 June 2022, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR). The ESMA has added a new answer concerning the scope of Article 11(1a) of the MAR. Specifically, the answer covers whether the scope of Article 11(1a) is limited to the communication of information to potential … Continue Reading
On 3 May 2022, the European Securities and Markets Authority (ESMA) issued two opinions regarding the European Commission’s proposed amendments to the regulatory technical standards (RTS) on liquidity contracts for SME Growth Market issuers and the implementing technical standards (ITS) on insider lists. The draft RTS and ITS were initially adopted by the ESMA in … Continue Reading
On 13 April 2022, there was published the official translations of the European Securities and Markets Authority’s guidelines concerning delay in the disclosure of inside information and interactions with prudential supervision. The official translations can be accessed on this link and then click the blue ‘i’ in the ‘Info’ column. The guidelines apply 2 months … Continue Reading
On 31 March 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) published an updated version of its Transaction Reporting User Manual (TRUM) and its Annex II. The update follows a five month consultation and the amendments provide guidance on the reporting of transactions related to the transportation of natural gas, which … Continue Reading
On 3 March 2022, the FCA issued a statement on its website concerning events in Ukraine and the sanctions imposed on Russia, reminding issuers of securities admitted to UK trading venues of their disclosure obligations under the UK Market Abuse Regulation (MAR). The statement goes on to remind companies in scope of MAR that they … Continue Reading
On 14 December 2021, the Agency for the Cooperation of Energy Regulators (ACER) published the 26th Edition of its Questions and Answers on REMIT. These Q&As contain a summary of frequently asked questions about Regulation (EU) No 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) and the ACER’s answers to … Continue Reading
On 23 November 2021, the European Securities and Markets Authority published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued across the European Union under the Market Abuse Regulation in 2020. The annual report describes an increase in the number of administrative sanctions and measures in 2020 compared to … Continue Reading
On 11 October 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/1783 of 2 July 2021 supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) containing a template document for cooperation arrangements with third countries. Article 26(1) of MAR requires the competent authorities … Continue Reading
On 14 September 2021, the European Commission adopted a Delegated Regulation of 2 July 2021 supplementing the Market Abuse Regulation with regard to regulatory technical standards containing a template document for cooperation arrangements with third countries and an Annex containing a template document. The adoption of the Delegated Regulation had been delayed due to the … Continue Reading
On 6 August 2021, the European Securities and Markets Authority updated its Q&As on the Market Abuse Regulation. Specifically ESMA has inserted answers to the following new questions all dealing with the disclosure of inside information: Q5. 8 – Interaction between MAR and Credit Rating Agencies Regulation. Q5. 9 – Disclosure to the public of … Continue Reading
On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities … Continue Reading
On 22 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the sixth edition of its guidance on the Regulation on wholesale energy market integrity and transparency (REMIT). The guidance is intended to help EU national regulatory authorities on the application of the definitions set out in Article 2 of REMIT … Continue Reading
On 11 May 2021, the European Union Agency for the Cooperation of Energy Regulators (ACER) published the fifth edition of its guidance on the application of the Regulation on wholesale energy market integrity and transparency (REMIT). In this edition, ACER provides more detailed guidance concerning the definition of information and inside information under REMIT.… Continue Reading
On 3 May 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published updated REMIT guidance comprising of: New version of Annex II of the Transaction Reporting User Manual (TRUM). Annex VII of the Manual of Procedures on data reporting. FAQs on transaction reporting and on fundamental data and inside information. Annex II … Continue Reading
On 21 December 2020, the European Securities and Markets Authority (ESMA) published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued under the Market Abuse Regulation (MAR) in 2019. The report shows that Member State national competent authorities (NCAs) and other authorities imposed a total of €88 million in … Continue Reading
