ESMA consults on MAR review


The European Securities and Markets Authority (ESMA) has published today a consultation paper on the provisions of the Market Abuse Regulation (MAR) as requested by the European Commission. 

The consultation paper includes proposals affecting the investor community as a whole, but which are particularly relevant for issuers of financial instruments admitted to trading or traded on a trading venue and their management, investment firms and asset management companies.

The consultation paper addresses a wide range of issues, including:

  • the possible inclusion of spot FX contracts within the scope of MAR;
  • the definition and delayed disclosure of inside information in different cases;
  • the appropriateness of the trading prohibition and insider lists for persons discharging managerial responsibilities (PDMRs);
  • a possible cross-market order book surveillance framework;
  • cum/ex and multiple withholding tax reclaim schemes; and
  • cross-border enforcement of sanctions.

Next steps

Stakeholders are invited to provide feedback on the consultation before 29 November 2019. An open hearing on this Consultation Paper will take place in ESMA’s premises on 5 November.

ESMA, based on the responses received to this consultation, intends to submit a final report to the Commission by spring 2020.

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