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ESMA updates its market abuse Q&As

23 March 2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the implementation of the Market Abuse Regulation (MAR). The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures.

ESMA has approved an update to the existing MAR Q&A on Pillar 2 requirements and the obligation to disclose inside information, in order to cover the Minimum Requirement for own funds and Eligible Liabilities (MREL) exercise. MRELs should ensure that banks have, at all times, enough capital and eligible liabilities to be bailed-in, where necessary.

MAR intends to guarantee the integrity of European financial markets and increase investor confidence. Any unlawful behaviour in the financial markets is prohibited. The concept of market abuse typically consists of insider dealing, unlawful disclosure of inside information, and market manipulation.

ESMA will periodically review these Q&A and update them where required.