Market Integrity

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR).

The updated BMR Q&As provide new clarifications regarding the following topic: 

  • Methodology and input data: parameters to be considered as input data

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements. ESMA will periodically review these Q&As and update them where required.

The European Securities and Markets Authority (ESMA) has published today its first annual report concerning administrative and criminal sanctions as well as other administrative measures issued by National Competent Authorities (NCAs) under the Market Abuse Regulation (MAR).

The relevant infringements under MAR to which the sanctions and administrative measures refer to include, amongst others:

  • insider dealing and unlawful disclosure of inside information (Article 14 MAR); and
  • market manipulation (Article 15 MAR).

MAR foresees administrative sanctions for infringing the Regulation, which depending on the gravity of the infringement, can amount up to 5,000,000 Euros.

The report is issued pursuant to Article 33 of MAR and contains aggregated information on administrative and criminal sanctions and other administrative measures imposed in the EU on the basis of MAR from 3 July 2016 (date on which MAR became applicable) to 31 December 2017.

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Short-Selling Regulation (SSR).

This Q&A clarifies that the identification of the relevant competent authority, following the entry into application of MiFID II/MiFIR, is no longer made under Commission Regulation No 1287/2006 but under Commission Delegated Regulation (EU) 2017/590 for the reporting of transactions to competent authorities.

The purpose of this Q&A is to promote common supervisory approaches and practices in the application of SSR.

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

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&As) document regarding the implementation of the Market Abuse Regulation (MAR).

This Q&A clarifies the scope of the trading restrictions for persons discharging managerial responsibilities under Article 19(11) of MAR.  

The purpose of this MAR Q&A is to promote common supervisory approaches and practices in the application of MAR and its implementing measures.

MAR is intended 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&As and update them where required.

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR).

The updated BMR Q&As provide new clarifications regarding the following topic: 

  • Use of benchmarks in bilateral agreement on exchanged collateral.

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements. ESMA will periodically review these Q&As and update them where required.

The European Securities and Markets Authority (ESMA) has updated its Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR).

The European Securities and Markets Authority (ESMA) has updated its Questions & Answers (Q&A) document regarding 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. Today’s Q&A include an update of the Q&A on clarifying delayed disclosure of inside information.

MAR is intended 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.

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR).

The updated BMR Q&As provide new clarifications regarding the following topics: 

  • When the written plan to be produced by users of benchmarks should be considered robust and how such plans should be reflected in the contractual relationship with clients;
  • The reference to systematic internaliser in the definition of financial instruments;
  • When banks issuing certificates classify as users of benchmarks;
  • Why NAV of investment funds should be considered input data and not benchmarks;
  • The application for endorsment of family of benchmarks;
  • The language of benchmark statements.

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements.ESMA will periodically review these Q&As and update them where required.