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  • Gemma Morgan, Howells Associates Legal Director

ESMA Consultation on MAR

On 3 October 2019, ESMA published a consultation paper (ESMA70-156-1459) on the Market Abuse Regulation (596/2014).

ESMA has been requested to provide technical advice to the European Commission regarding the provisions of MAR and their application in the three years since implementation.

ESMA is consulting in response to this request to assess whether the current framework is fit for purpose and whether any changes or improvements are required.

The Chair of ESMA, Steven Maijoor commented that “ensuring the market abuse framework matches market developments and thus remains effective in detecting and preventing abusive behaviour is paramount to safeguarding investors’ interests and essential to ensure safe and orderly markets”.

The consultation includes analysis and discussion of:

  • the definition of inside information

  • the delayed disclosure of inside information

  • the usefulness of insider lists, in particular, the role of permanent insider lists

  • the appropriateness of the trading prohibition and insider lists for persons discharging managerial responsibilities

ESMA Open Hearing

ESMA will hold an open hearing on the consultation on 5 November 2019 and the consultation closes to responses on 29 November 2019. Having considered the responses received, ESMA intends to submit its final review report to the Commission in spring 2020.

User Group

We will be running a User Group session in London in early November to tackle this subject. Details to follow.

For further information

Please contact Howells