Market Abuse

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued today its final report on a set of Regulatory Technical Standards (RTS) on the application of the Market Abuse Regulation (MAR).

ESMA’s RTS cover cooperation arrangements between national competent authorities and their counterparts in third-countries for the purpose of efficiently exchanging information and enforcing the obligations related to market abuse.

Market abuse can take many forms and concern different markets at the same time. As markets’ integration further increases, smooth cooperation between authorities, entities and public bodies is paramount in order to identify and deter abusive behaviour.

ESMA has submitted these RTS for endorsement to the European Commission. Once fully implemented, these RTS will form part of the single rulebook for EU securities markets.

Consultation MAR review

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 29 November 2019.

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.