ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation

ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation

from 14 November 2013 to 27 January 2014


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.
Closing date

Monday, 27 January 2014


Document available for this Consultation
14/11/20132013/1649ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation


Activity Institution Download
European Issuers
London Stock Exchange Group
Dutch Investors’ Association (Vereniging VEB NCVB)
Trading Surveillance Office of Boerse Duesseldorf
Confederation of Finnish Industries EK
Confederation of Swedish Enterprise
Association for Financial Markets in Europe
Assosim - Associazione Italiana Intermediari Mobiliari
sped04-01-14.pdf (167.77 KB)
Association of British Insurers
Quoted Companies Alliance
The Law Society of England and Wales and the City of London Law Society Company Law Committee
eumedion.pdf (57.28 KB)
Asset Management BlackRock Investment Management (UK) Limited
Asset Management Alternative Investment Management Association (AIMA)
Asset Management BVI
Asset Management Investment Management Association
Banking Austrian Economic Chamber
Banking Danish Mortgage Banks' Federation
Banking Czech Banking Association
Banking German Banking Industry Committee
Banking ING Bank
Banking British Banking Authority (BBA)
Banking Federcasse
Banking European Banking Federation
Banking Deutsche Bank AG
Individuals Hungarian Compliance Professionals Working Group
Insurance and Pension German Insurance Association (GDV)
Investment Services Norwegian Securities Dealers Association
Investment Services Swedish Securities Dealers Association
Investment Services AMAFI (Association française des marchés financiers)
Investment Services International Capital Market Association
Investment Services IG Group
Issuers Telefonaktiebolaget LM Ericsson
Issuers Deutsches Aktieninstitut
Others Trillium Management, LLC
Others Nordic Financial Unions
Others ASSUC aisbl European Association of Sugar Traders
Others UNI Europa
Others European Federation of Energy Traders (EFET)
Others Danish Shareholders Association
Others Federation of Finnish Financial Services
Others International Swaps and Derivatives Association
Others Commodity Markets Council Europe
Others CSA Partners (compliance)
Regulated markets, exchanges & trading systems Deutsche Börse Group
Regulated markets, exchanges & trading systems Federation of European Securities Exchanges
Regulated markets, exchanges & trading systems BATS Chi-X Europe Limited