ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
16
DOCUMENTS
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/09/2017 ESMA70-145-171 Opinion on the intended accepted market practice on liquidity contracts notified by the CMVM Opinion PDF
364.69 KB

Link to the revised template describing the Portuguese as established by a decision of the Portuguese CMVM of 9 November 2017 and published in accordance with Article 2 (3) of Commission Delegated Regulation  (EU) 2016/908: https://www.esma.europa.eu/sites/default/files/cmvm_annex_-_amp_on_liquidity_contracts.pdf

25/04/2017 ESMA70-145-76 Points for convergence in relation to MAR accepted market practices on liquidity contracts , Opinion PDF
166.37 KB
16/12/2016 2016/1663 Opinion on intended accepted market practice on liquidity contracts by the CNMV Opinion PDF
6.43 MB

Link to the revised template describing the Spanish AMP as established through a Circular and published by the CNMV in accordance with Article 2 (3) of Commission Delegated Regulation  (EU) 2016/908: https://www.esma.europa.eu/sites/default/files/cnmv_amp_-_revised_template_post_circular.pdf.

 

15/07/2014 2014/830 Press release- ESMA details new market abuse regime Press Release PDF
93.82 KB
ESMA details new market abuse regime The European Securities and Markets Authority (ESMA) has launched a consultation on the new Market Abuse Regulation (MAR) which entered into force on 2 July 2014. It is issuing two consultation papers seeking stakeholders’ views on the draft regulatory and implementing technical standards (RTS/ITS) and Technical Advice (TA), ESMA has to develop for the implementation of the new MAR framework which will become applicable in July 2016. The new Market Abuse regime was introduced in order to keep pace with new trading platforms and technologies in financial markets, which, besides offering new opportunities, may also result in new possibilities for abusive behaviour. Such manipulation can ultimately result in losses for consumers and investors or distortion of the real economy if investors trade on insider information or manipulate markets by spreading false or misleading information. MAR broadens reach of rules to new products, venues and trading techniques In order to increase the prevention of market manipulation, and increase the level of investor protection, ESMA’s draft RTS/ITS and TA specify the application of MAR to new products, venues and trading techniques and addresses transparency and governance issues. ESMA’s technical provisions address the potential for a financial instrument to be manipulated not only by executing transactions on a trading venue, or across different venues, but assume that manipulation or attempted manipulation of financial instruments may also consist in placing orders which are not executed. A financial instrument may also be manipulated through behaviour occurring outside a trading venue or within an automated trading environment through the use of electronic means of trading, such as algorithms including high frequency trading strategies. To this end ESMA’s technical work updates and strengthens the existing framework by defining how to address these new markets and trading strategies and by introducing new requirements. The draft ESMA RTS/ITS and Technical Advice cover the following main areas: • market manipulation indicators; • prevention and detection of market abuse, including suspicious transactions and order reporting; • accepted market practices; • market soundings; • conditions for and disclosure of buy-back programmes and transaction stabilisation; • disclosure of managers’ transactions; • provisions for insider lists; • disclosure of inside information, including possible exemptions and delays; and • investment recommendations or other information recommending or suggesting an investment strategy by staff, including the avoidance of conflicts of interests. Next steps Both Consultation Papers are open for feedback until 15 October 2014. In addition, ESMA will hold an open hearing in Paris in early October 2014. ESMA will use the answers received to draft its final RTS and TA on MAR and send them for endorsement to the European Commission. ESMA has twelve months to finalise its RTS and ITS and eight months for the TA.
14/11/2013 2013/1650 ESMA begins preparatory work for new Market Abuse Regime , , Press Release PDF
95.26 KB
ESMA begins preparatory work for new Market Abuse Regime The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR). MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements. The Discussion Paper presents positions and regulatory options on those issues where ESMA will have to develop MAR implementing measures, likely to include Regulatory Technical Standards, Delegated Acts and Guidelines. These implementing measures are of fundamental importance to the new regime, as they set out how MAR’s enlarged scope is to be implemented in practice by market participants, trading platforms, investors, issuers and persons related to financial markets. In developing these regulatory options ESMA, where similar requirements already exist under the current Market Abuse Directive (MAD), has taken into consideration the existing MAD Level 2 texts and ESMA/CESR guidelines to set out the DP positions in light of the extended scope of MAR. This Discussion Paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission on 24 June 2013. The closing date for responses is Monday 27 January 2014. MAR Policy Areas The DP covers ten sections of MAR where ESMA is expected to have to provide input, these include: • conditions to be met by buyback programmes and stabilization measures to benefit from the exemption from market abuse prohibitions; • arrangement and procedures required for market soundings, from the perspective of both the sounding and the sounded market participants; • indicators and signals of market manipulation; • criteria to establish Accepted Market Practices; • arrangement, systems and procedures to put in place for the purpose of suspicious transactions and order reporting as well as its content and format; • issues relating to public disclosure of inside information and the conditions for delay; • format for insider lists; • issues concerning the reporting and public disclosure of managers’ transactions; • arrangements for fair presentation and disclosure of conflicts of interests by producers and disseminators of investment recommendations; • reporting of violations and related procedures. Next steps ESMA will consider the feedback it receives to this consultation in Q1 2014 and incorporate it in to its full consultation papers on both its draft Technical Standards and Technical Advice to the Commission. The dates for these consultations are will depend on the publication of the final version of MAR. Notes for editors 1. 2013/1649 Discussion Paper - ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation 2. Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) 3. ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). 4. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. Press Release 2013/1650 Discussion Paper 2013/1649
22/06/2012 AMF AMP 2012 Accepted market practices: Liquidity contracts for bonds (France)- Not continued under MAR Reference PDF
242.43 KB
23/06/2011 AMP Netherlands Accepted Market Practices: Liquidity agreements (Netherlands)- TERMINATED UNDER MAR ON 19 September 2017 Reference PDF
96.72 KB

The publication (in Dutch) of the decision to terminate the Dutch AMP on liquidity agreements can be found on the AFM’s website at the following link https://www.afm.nl/nl-nl/professionals/nieuws/2017/sep/beeindigen-amp.
 

31/05/2010 AMP Italy Accepted Market Practics: Liquidity Enhancement Agreements and Purchase of own shares to set up a shares warehouse position (Italy) Reference PDF
151.52 KB
15/01/2009 AMP Greece Accepted Market Practices: Purchase of own shares to hold them for future acquisition of shares of another company (Greece)- Not continued under MAR Reference PDF
77.84 KB
19/08/2008 AMP Portugal Accepted Market Practices: Liquidity Contracts (Portugal) – To be replaced by an accepted market practice under MAR Reference PDF
101.04 KB

The national legal text is available on the CMVM website.

11/02/2008 AMP Spain Accepted Market Practices: Liquidity Contracts (Spain) – Replaced by an accepted market practice under MAR on 11 July 2017 Reference PDF
157.13 KB
30/05/2005 Austria Accepted Market Practices- Austrian provisions- Not continued under MAR Reference PDF
19.9 KB
30/05/2005 AMP France Buy Back Accepted Market Practices: a market practice related to share buy back programs. Buy an hold for future use as means of payment for acquiring another company on Euronext (France)- Not continued under MAR Reference PDF
71.11 KB
30/05/2005 AMP France Liquidity Accepted Market Practices: a market practice related to share buy back programs. Liquidity contracts on Euronext (France) Reference PDF
107.34 KB
03/09/2003 03-212c CESR's Advice on the Second Set of Level 2 Implementing Measures for the Market Abuse Directive Final Report PDF
176.03 KB
The Committee of European Securities Regulators (CESR) released today the Advice on the Second Set of Implementing Measures for the Market Abuse Directive (Ref. CESR/03-212c), to be taken into account by the European Commission following the Market Abuse Directive. This Directive has to be implemented by Member States by October 2004. The implementing measures covered by the advice include: Guidelines for determining accepted market practices; inside information on commodity derivative markets; the maintenance of insider lists by issuers; the disclosure of transactions by senior managers; the obligation by financial intermediaries to report suspicious transactions. The work on the advice was undertaken by the CESR Expert Group on Market Abuse under the Chairmanship of Professor Stavros Thomadakis, Chairman of the Hellenic Capital Market Commission.
03/09/2003 03-288b Press release- CESR's Advice on the Second Set of Implementing Measures for the Market Abuse Directive Press Release PDF
109.39 KB
The Committee of European Securities Regulators (CESR) released today the Advice on the Second Set of Implementing Measures for the Market Abuse Directive (Ref. CESR/03-212c), to be taken into account by the European Commission following the Market Abuse Directive. This Directive has to be implemented by Member States by October 2004. The implementing measures covered by the advice include: Guidelines for determining accepted market practices; inside information on commodity derivative markets; the maintenance of insider lists by issuers; the disclosure of transactions by senior managers; the obligation by financial intermediaries to report suspicious transactions. The work on the advice was undertaken by the CESR Expert Group on Market Abuse under the Chairmanship of Professor Stavros Thomadakis, Chairman of the Hellenic Capital Market Commission.