ESMA PDF 28 sept. 2015 8 Format

Opinion

29 avr. 2022 amendments to the draft technical standards on insider lists adopted by ESMA under the. Market Abuse Regulation ((EU) No 596/20141 (MAR)).

ESMA70-145-111 Q&As on MAR

30 mai 2017 Additional questions on MAR may be submitted to ESMA through the Q&A tool ... updating insider lists in accordance with Regulation (EU) No.

COMMISSION IMPLEMENTING REGULATION (EU) 2016/ 347 - of

11 mars 2016 and for updating insider lists in accordance with Regulation (EU) No 596/2014 ... of the insider list referred to as the permanent insiders ...

ESMA

27 oct. 2020 Article 13(13) of MAR mandates ESMA to submit to the European ... the insider list that issuers admitted to trading on SME GMs are required ...

FAQ on insider lists pursuant to Article 18 of the Market Abuse

5 juin 2020 Article 3(1)(8) of the. MAR in conjunction with Article 4(1)(23) of Directive. 2014/65/EU) are required to prepare an insider list. The latter ...

Market Abuse Regulation

Part 2: Insider lists. What is MAR? The EU Market Abuse Regulation (MAR)1 replaces the Market Abuse Directive (MAD) with effect from 03 July 2016. As.

commission implementing regulation (eu) 2022/1210

14 juil. 2022 application of the requirement to draw up and update insider lists laid down in Regulation (EU) No 596/2014. It.

ESMA

28 sept. 2015 8 Format of the insider list and format for updating . ... On 12 of June 2014 the EU Regulation on market abuse (MAR) was published in the.

ESMA

23 sept. 2020 Article 18 MAR - Insider list . ... their own insider lists; ESMA also concludes that the permanent insider section should.

Market Watch 58 [pdf]

1 déc. 2018 Compliance with MAR. P1. Reminder about suspicious. P2 transaction and order reports. (STORs). Market soundings. P3. Insider lists.

Final Report

Draft technical standards on the Market Abuse Regulation

28 September 2015 | ESMA/2015/1455

ESMA REGULAR USE

1 Executive Summary ....................................................................................................... 8

2 Notification and list of financial instruments ...................................................................11

2.1 Introduction ............................................................................................................11

2.2 Feedback from stakeholders ..................................................................................11

3 The conditions for buy-back programmes and stabilisation measures ...........................12

3.1 Introduction ............................................................................................................12

3.2 Buy-back programmes ...........................................................................................13

3.2.1 General conditions that buy-backs must meet .................................................13

3.2.2 Disclosure and reporting obligations ................................................................13

3.2.3 Conditions for trading ......................................................................................15

3.2.4 Restrictions to trading ......................................................................................16

3.3 Stabilisation measures ...........................................................................................17

3.3.1 Restrictions regarding the time of stabilisation measures ................................17

3.3.2 Disclosure and reporting obligations ................................................................18

3.3.3 Price conditions ...............................................................................................19

3.3.4 "Ancillary stabilisation" .....................................................................................19

3.3.5 Sell side trading during stabilisation periods and "refreshing the Greenshoe" ..20

3.3.6 "Block-trades" ..................................................................................................20

4 Market soundings ..........................................................................................................21

4.1 Introduction ............................................................................................................21

4.2 General remarks ....................................................................................................21

4.2.1 Link to the market sounding beneficiary (MSB) ...............................................21

4.2.2 Clarification on 'Block trades' ..........................................................................22

4.2.3 Other scope issues .........................................................................................22

4.2.4 Joint market soundings ...................................................................................23

4.2.5 Other remarks .................................................................................................23

4.3 Arrangements prior to conducting a market sounding .............................................23

4.3.1 Determining what information to disclose ........................................................23

4.3.2 Characterising the information to be disclosed ................................................24

4.3.3 Determining which investors to sound .............................................................24

4.4 Timing of market soundings ...................................................................................24

4.5 Obtaining potential investor's agreement ................................................................24

4.6 Record keeping requirements imposed on the DMP...............................................25

ESMA REGULAR USE

4.6.1 General requirements ......................................................................................25

4.6.2 Standard set of information to be provided to potential investors .....................26

4.6.3 Sounding lists ..................................................................................................27

4.6.4 Point of contact at the potential investors ........................................................28

4.6.5 Recorded communications ..............................................................................28

4.7 The DMP's internal processes and controls............................................................28

4.7.1 Setting up and reviewing the procedure governing market soundings .............28

4.7.2 Employees of the DMP responsible for conducting the market sounding.........28

4.8 Cleansing ...............................................................................................................28

5 Accepted Market Practices ............................................................................................30

5.1 Background/Mandate (extract) ...............................................................................30

5.2 Analysis ..................................................................................................................30

5.3 Approach regarding the extended scope of MAR ...................................................31

5.4 Status of firms performing an AMP .........................................................................32

5.5 Process and requirements conceived to establish, maintain and terminate a market

practice .............................................................................................................................32

6 Suspicious transaction and order reporting....................................................................34

6.1 Introduction ............................................................................................................34

6.2 The reporting obligations ........................................................................................34

6.2.1 Attempted market abuse (including reporting of orders) ..................................34

6.2.2 Clarification of trading venues in MiFID II ........................................................35

6.3 Level of suspicion required .....................................................................................35

6.3.1 Timing of STORs .............................................................................................35

6.3.2 Partial view ......................................................................................................36

6.4 Detection ................................................................................................................36

6.4.1 Proactive surveillance .....................................................................................36

6.4.2 Surveillance systems .......................................................................................36

6.4.3 Internal procedures to facilitate detection and reporting ..................................37

6.4.4 Training ...........................................................................................................38

6.5 Tipping off ..............................................................................................................39

6.6 Content of STORs and Template ...........................................................................39

6.7 Record-keeping ......................................................................................................39

7 Technical means for public disclosure of inside information and delays ........................41

7.1 Introduction ............................................................................................................41

7.2 Means for appropriate disclosure of inside information ...........................................42

ESMA REGULAR USE

7.2.1 Channels for appropriate public disclosure ......................................................43

7.2.2 Channels for appropriate public disclosure for EAMPs ....................................45

7.2.3 Posting on the issuer's website .......................................................................49

7.3 Technical means for delaying disclosure of inside information ...............................50

7.3.1 Article 17(4): "General" delay ..........................................................................50

7.3.2 Article 17(5): Delay to preserve the stability of the financial system .................55

8 Format of the insider list and format for updating ...........................................................57

8.1 Background/Mandate .............................................................................................57

8.2 General approach ..................................................................................................57

8.3 Format and template for the insider list ...................................................................58

8.3.1 Competing issues ............................................................................................58

8.3.2 Structure of the insider list ...............................................................................58

8.3.3 Justification for proposed fields on insider lists ................................................59

8.3.4 "Deal specific" and permanent lists ..................................................................61

8.4 Transmission of the insider list upon request ..........................................................61

8.5 SME-growth market issuers ...................................................................................62

8.6 Language of the insider list .....................................................................................62

9 Managers' transactions: format and template for notification and disclosure .................64

9.1 Background/Mandate .............................................................................................64

9.2 Means for transmission ..........................................................................................65

9.3 Template for notification and public disclosure .......................................................65

9.4 Specification of the content ....................................................................................67

Investment recommendations ....................................................................................70

10.1 Background/Mandate .............................................................................................70

10.2 Scope .....................................................................................................................70

10.2.1 Scope: Relevant persons ................................................................................70

10.2.2 Scope: Relation with MIFID .............................................................................72

10.2.3 Publication of recommendations "intended for distribution channels or for the

public" 72

10.3 Date and time of production and dissemination ......................................................74

10.4 Production of recommendations .............................................................................74

10.4.1 Identity of the producers ..................................................................................74

10.4.2 Objective presentation of investment recommendations ..................................74

10.4.3 Disclosure of interests and conflicts of interest ................................................76

10.5 Non-written recommendations ................................................................................80

ESMA REGULAR USE

10.6 Dissemination of recommendations produced by third parties ................................81

Annex I

- Legislative mandate to develop technical standards ..............................................82

Annex II - Cost-benefit analysis ............................................................................................86

Annex III

- Opinion of the Securities and Markets Stakeholder Group ................................ 113

Annex IV

- Feedback on the Consultation Paper ................................................................ 133

Annex V - Draft regulatory technical standards for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of

notifications ........................................................................................................................ 198

Annex VI: Draft implementing technical standard with regard to the timing, format and template of the submissio n of notification to competent authorities ..................................... 213 Annex VII - Draft regulatory technical standards for the conditions that buy-back programmes

and stabilisation measures must meet ................................................................................ 228

Annex VIII

- Draft regulatory technical standards on the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings ............... 239 Annex IX - Draft implementing technical standards on systems and notification templates to

be used by disclosing market participants conducting market soundings............................ 248

Annex X

- Draft regulatory technical standards on accepted market practices .................... 257

Annex XI

- Draft regulatory technical standards on the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and

reporting abusive practices or suspicious orders or transactions ........................................ 274

Annex XII

- Draft implementing technical standards on the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information

......................................................................................................................... 293

Annex XIII

- Draft implementing technical standards on the format of the insider lists and

format for updating the insider lists ..................................................................................... 300

Annex XIV

- Draft implementing technical standards on the format and template for

notification and public disclosure of managers' transactions ............................................... 312

Annex XV

- Draft regulatory technical standards on investment recommendations ............ 319 4

ESMA REGULAR USE

Acronyms used

ACER Agency for the Cooperation of Energy Regulators

AMP Accepted Market Practices

CDS Credit default swap

CEO Chief Executive Officer

CESR Committee of European Securities Regulators

CFD

Contract for difference

CFO Chief Financial Officer

CP Consultation Paper on ESMA's draft technical advice on possible delegated acts concerning the Market Abuse Regulation (ESMA/2014/808) published on 15 July 2014 DP Discussion Paper on policy orientations on possible implementing measures under the Market Abuse Regulation (ESMA/2013/1649), published on 14 November 2013

EAMP Emission allowances market participant

EEA

European Economic Area

ESMA European Securities and Markets Authority

EU European Union

ITS Implementing technical standards

MAD Market Abuse Directive; Directive 2003/6/EC of the European Parliament and the Council on insider dealing and market manipulation (market abuse) MAR Market Abuse Regulation; Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives

2003/124/EC, 2003/125/EC and

2004/72/EC

MiFID II Directive 2014/65/EU of the European Parliament and of the Council of 5

ESMA REGULAR USE

15 May 2014 on markets in financial instruments and amending

Directive 2002/92/EC and Directive 2011/61/EU

MiFIR Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments and amending Regulation (EU) No 648/2012

MTF Multilateral trading facility

MSB Market sounding beneficiary

MSR Person receiving the market sounding (market sounding recipient)

OAM Officially Appointed Mechanism

OJ The Official Journal of the European Union

OTC Over-the-counter

OTF Organised trading facility

PD Prospectus Directive - Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC

PDMR Person discharging managerial responsibilities within an issuer of a financial instrument, an emission allowance market participant, auction platform, an auctioneer or an auction monitor.

REMIT Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency

RM Regulated market

RTS Regulatory technical standards

SME Small and medium sized enterprise

STR Suspicious transactions report

STOR Suspicious transactions and orders report

TD Transparency Directive - Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmo nisation of transparency requirements in relation to information 6quotesdbs_dbs6.pdfusesText_11

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[PDF] ESMA 28 sept. 2015 8 Format

Final Report

28 September 2015 | ESMA/2015/1455

ESMA REGULAR USE

Table of Contents

1 Executive Summary ....................................................................................................... 8

2 Notification and list of financial instruments ...................................................................11

2.1 Introduction ............................................................................................................11

2.2 Feedback from stakeholders ..................................................................................11

3 The conditions for buy-back programmes and stabilisation measures ...........................12

3.1 Introduction ............................................................................................................12

3.2 Buy-back programmes ...........................................................................................13

3.2.1 General conditions that buy-backs must meet .................................................13

3.2.2 Disclosure and reporting obligations ................................................................13

3.2.3 Conditions for trading ......................................................................................15

3.2.4 Restrictions to trading ......................................................................................16

3.3 Stabilisation measures ...........................................................................................17

3.3.1 Restrictions regarding the time of stabilisation measures ................................17

3.3.2 Disclosure and reporting obligations ................................................................18

3.3.3 Price conditions ...............................................................................................19

3.3.4 "Ancillary stabilisation" .....................................................................................19

3.3.5 Sell side trading during stabilisation periods and "refreshing the Greenshoe" ..20

3.3.6 "Block-trades" ..................................................................................................20

4 Market soundings ..........................................................................................................21

4.1 Introduction ............................................................................................................21

4.2 General remarks ....................................................................................................21

4.2.1 Link to the market sounding beneficiary (MSB) ...............................................21

4.2.2 Clarification on 'Block trades' ..........................................................................22

4.2.3 Other scope issues .........................................................................................22

4.2.4 Joint market soundings ...................................................................................23

4.2.5 Other remarks .................................................................................................23

4.3 Arrangements prior to conducting a market sounding .............................................23

4.3.1 Determining what information to disclose ........................................................23

4.3.2 Characterising the information to be disclosed ................................................24

4.3.3 Determining which investors to sound .............................................................24

4.4 Timing of market soundings ...................................................................................24

4.5 Obtaining potential investor's agreement ................................................................24

4.6 Record keeping requirements imposed on the DMP...............................................25

ESMA REGULAR USE

4.6.1 General requirements ......................................................................................25

4.6.2 Standard set of information to be provided to potential investors .....................26

4.6.3 Sounding lists ..................................................................................................27

4.6.4 Point of contact at the potential investors ........................................................28

4.6.5 Recorded communications ..............................................................................28

4.7 The DMP's internal processes and controls............................................................28

4.7.1 Setting up and reviewing the procedure governing market soundings .............28

4.7.2 Employees of the DMP responsible for conducting the market sounding.........28

4.8 Cleansing ...............................................................................................................28

5 Accepted Market Practices ............................................................................................30

5.1 Background/Mandate (extract) ...............................................................................30

5.2 Analysis ..................................................................................................................30

5.3 Approach regarding the extended scope of MAR ...................................................31

5.4 Status of firms performing an AMP .........................................................................32

5.5 Process and requirements conceived to establish, maintain and terminate a market

6 Suspicious transaction and order reporting....................................................................34

6.1 Introduction ............................................................................................................34

6.2 The reporting obligations ........................................................................................34

6.2.1 Attempted market abuse (including reporting of orders) ..................................34

6.2.2 Clarification of trading venues in MiFID II ........................................................35

6.3 Level of suspicion required .....................................................................................35

6.3.1 Timing of STORs .............................................................................................35

6.3.2 Partial view ......................................................................................................36

6.4 Detection ................................................................................................................36

6.4.1 Proactive surveillance .....................................................................................36

6.4.2 Surveillance systems .......................................................................................36

6.4.3 Internal procedures to facilitate detection and reporting ..................................37

6.4.4 Training ...........................................................................................................38

6.5 Tipping off ..............................................................................................................39

6.6 Content of STORs and Template ...........................................................................39

6.7 Record-keeping ......................................................................................................39

7 Technical means for public disclosure of inside information and delays ........................41

7.1 Introduction ............................................................................................................41

7.2 Means for appropriate disclosure of inside information ...........................................42

ESMA REGULAR USE

7.2.1 Channels for appropriate public disclosure ......................................................43

7.2.2 Channels for appropriate public disclosure for EAMPs ....................................45

7.2.3 Posting on the issuer's website .......................................................................49

7.3 Technical means for delaying disclosure of inside information ...............................50

7.3.1 Article 17(4): "General" delay ..........................................................................50

7.3.2 Article 17(5): Delay to preserve the stability of the financial system .................55