The Netherlands

Topic: Market abuse

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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

Decree implementing Market Abuse Regulation enters into force on 3 July 2016

On 1 July 2016, the Dutch Minister of Finance published the Decree implementing the European Market Abuse Regulation (No 596/2014) (MAR) (the Implementation Decree). The Implementation Decree will enter into force on 3 July 2016. As of 3 July 2016, most of the current Dutch market abuse rules as laid down in the Act on … Continue Reading

The Market Abuse Regulation: are you ready?

With the Market Abuse Regulation coming into effect on July 3, 2016 we have published a short video setting out some of the key considerations for firms. Our video can be found here In addition, in the run up to July we produced a number of webinars on MAR covering: manipulation, insider dealing, suspicious transaction … Continue Reading

MAR Delegated and Implementing Regulations published in the OJ

The following has been published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures; and Commission Implementing Regulation (EU) … Continue Reading

Table on MAR technical standards

The European Commission has published a table setting out the current position as regards the technical standards under the Market Abuse Regulation. In particular the table sets out whether a technical standard has been published in the Official Journal of the EU. View Technical standards under Regulation (EU) No 596/2014, 24 June 2016… Continue Reading

MAR Delegated and Implementing Regulations published in OJ

The following have been published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) for appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings; Commission Implementing Regulation (EU) 2016/959 of 17 May … Continue Reading

Inside information disclosure under MAR: ESMA disagrees with Commission’s proposal on EAMPs

The European Securities and Markets Authority (ESMA) has issued an opinion in response to a notification by the European Commission (the Commission) about intended changes to a draft Implementing Technical Standard (ITS) on the disclosure of inside information under the Market Abuse Regulation (MAR). On 28 September 2015, ESMA submitted draft ITS on the technical … Continue Reading

AFM publishes brochures in respect of inside information under MAR

On 3 July 2016, the Market Abuse Regulation (No 596/2014) (MAR) will come into effect. National market abuse regulations will be replaced by the rules laid down in MAR. In order to provide guidance, the Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has published two brochures both focusing on the regulatory framework … Continue Reading

ESMA issues Q&A on MAR implementation

The European Securities and Markets Authority (ESMA) has issued a Q&A regarding the implementation of the Market Abuse Regulation (MAR). The purpose of the Q&A is to promote supervisory convergence. At present the Q&A only contains one question and answer covering the topic of the prevention and detection of market abuse. It answers the following … Continue Reading

ESMA communication on reporting of reference data under MAR

The European Securities and Markets Authority (ESMA) has issued a communication clarifying the reporting of reference data under the Market Abuse Regulation (MAR). ESMA states that following the agreed one year delay in application of both MiFID II and MiFIR certain provisions of MAR will also be delayed by a year. Specifically, the requirements set … Continue Reading

Commission Delegated Regulation on RTS relating to market soundings under MAR

There has been published the Commission Delegated Regulation supplementing Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings. The Delegated Regulation will enter into force on the day after its publication in the Official Journal of the EU and … Continue Reading

Further report on the act implementing MAR/MAD II

On 19 April 2016, the Dutch Minister of Finance published a further report (the Report) in relation to the legislative proposal implementing the Market Abuse Regulation (No 596/2014) and the Directive on criminal sanctions for market abuse (2014/57/EU) in Dutch legislation (the Proposal). The Report contains the advice from the Advisory Division of the Council … Continue Reading

Implementation of MAR/MAD II and higher fines for violating Dutch financial market rules

On 19 April 2016, the Dutch Minister of Finance published a legislative proposal implementing the Market Abuse Regulation (No 596/2014) (MAR) and the Directive on criminal sanctions for market abuse (2014/57/EU) (MAD II) in the Netherlands. The Act implementing the market abuse regulation and directive (Wet implementatie verordening en richtlijn marktmisbruik, the Implementation Act) will … Continue Reading

ESMA final report on review of EMIR standards relating to CCP client accounts

The European Securities and Markets Authority (ESMA) has published its final report on the review of Article 26 of Delegated Regulation 153/2013 which contains regulatory technical standards (RTS) supplementing the European Markets Infrastructure Regulation that relate to central counterparties’ (CCPs) client accounts. The report summarises the answers received following the publication of the consultation paper … Continue Reading

Commission Delegated Regulation under MAR covering indicators of market manipulation, disclosure threshold, trading during closed periods and notifiable managers’ transactions published in OJ

There has been published in the Official Journal of the EU the European Commission Delegated Regulation (EU) 2016/522 supplementing the Market Abuse Regulation as regards an exemption for certain third countries’ public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading … Continue Reading

Commission Implementing Regulation under MAR laying down ITS on format and template for notification and public disclosure of manager’s transactions

There has been published in the Official Journal of the EU the European Commission Implementing Regulation (EU) 2016/523 laying down implementing technical standards regarding the format and template for notification and public disclosure of managers’ transactions in accordance with the Market Abuse Regulation. The Implementing Regulation will apply from 3 July 2016. View Commission Implementing … Continue Reading

ESMA publishes updated Q&A on the Market Abuse Directive

The European Securities and Markets Authority has updated its Questions and Answers (Q&A) document on the common operation of the Market Abuse Directive. The Q&A contains an updated question and answer on investment recommendation. View ESMA publishes updated Q&A on the Market Abuse Directive, 1 April 2016… Continue Reading

Scrutiny period of further MAR Delegated Regulations extended

On 14 March 2016, we blogged that the Chair of the European Parliament’s Economic and Monetary Affairs Committee, Roberto Gualtieri, had written to the European Commission and the Council of the EU notifying them that the objection period for three Delegated Regulations supplementing the Market Abuse Regulation (MAR) had been extended to three months. The … Continue Reading

Scrutiny period of three MAR Delegated Regulations extended

There has been published identical letters that Roberto Gualtieri (Chair, European Parliament Economic and Monetary Affairs Committee) has sent to Jonathan Hill (EU Commissioner for Financial Stability, Financial Services and Capital Markets Union) and Ambassador Pieter de Gooijer (Chairman of the Council of the EU’s Permanent Representatives Committee). The letters concern the following Commission Delegated … Continue Reading
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