[PDF] ESMA 23 sept. 2020 Article 18





Previous PDF Next PDF



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.

23 September 2020 | ESMA70-156-2391

MAR Review report

201-
2

23 September 2020

ESMA70-156-2391

3

Table of Contents

Executive Summary .............................................................................................................10

1. Introduction ...................................................................................................................13

2. Scope of MAR ...............................................................................................................14

2.1. Spot FX contracts ......................................................................................................14

2.1.1. Legal Framework ...................................................................................................14

2.1.2. Feedback to the consultation ..................................................................................15

2.1.3. Additional evidence gathered by ESMA ..................................................................19

2.1.4. ...........................................................27

2.2. Scope of application of the benchmark provisions .....................................................29

2.2.1. Legal framework .....................................................................................................29

2.2.2. Feedback to the consultation ..................................................................................31

2.2.2.1. Definition of benchmark in MAR vs. definition of benchmark in BMR ..................31

2.2.2.2. Sanctions against (attempted) benchmark manipulation and powers of NCAs ....32

2.2.2.3. Powers of competent authorities .........................................................................33

2.2.2.4. Administrative sanctions and other administrative measures ..............................34

2.2.3. ...........................................................34

2.2.3.1. Definition of benchmark in MAR vs. definition of benchmark in BMR ..................35

2.2.3.2. Sanctions against (attempted) benchmark manipulation and powers of NCAs ....36

2.2.3.3. Powers of competent authorities .........................................................................37

2.2.3.4. Administrative sanctions and other administrative measures ..............................38

3. Article 5 MAR - Buy-back programmes (BBPs) .............................................................39

3.1. Legal Framework .......................................................................................................39

3.2. Feedback to the consultation .....................................................................................40

3.2.1. Scope of the reporting obligation ............................................................................40

3.2.2. Simplification of the reports for BBPs .....................................................................41

3.2.3. Transparency of transactions related to BBPs ........................................................42

3.3. ..............................................................42

3.3.1. Scope of the reporting obligation ............................................................................42

3.3.2. Simplification of the reports for BBPs .....................................................................43

3.3.3. Transparency of transactions related to BBPs ........................................................44

4. Article 7 of MAR .......................................................44

4.1. Legal Framework .......................................................................................................45

4

4.2. Feedback to the Consultation ....................................................................................47

4.2.1. Definition of inside information and its effectiveness in preventing market abuse ...47

4.2.2. Inside information for commodity derivatives ..........................................................50

4.2.3. ...................51

4.2.4. Pre-hedging............................................................................................................52

4.3. ..............................................................55

4.3.1. Definition of inside information and its effectiveness in preventing market abuse ...55

4.3.2. Inside information for commodity derivatives ..........................................................57

4.3.3. Definition of i .................................58

4.3.4. Pre-hedging............................................................................................................59

5. Article 17 MAR - Delayed disclosure of inside information .............................................60

5.1 Legal framework .....................................................................................................61

5.2 Feedback to the Consultation .................................................................................62

5.2.1 Effectiveness of the mechanism to delay the disclosure of inside information .62

5.3 ...........................................................69

6. Article 11 MAR - Market soundings ...............................................................................73

6.1. Legal Framework .......................................................................................................73

6.2. Feedback to the consultation .....................................................................................75

6.2.1. Enforceability of market soundings .........................................................................75

6.2.2. Definition of market sounding and difference with other forms of interactions with

potential counterparties ........................................................................................................76

6.2.3. Simplification of the market sounding procedures and requirements ......................78

6.3. ..............................................................80

6.3.1. Enforceability of market soundings .........................................................................80

6.3.2. Definition of market sounding and difference with other forms of interactions with

potential counterparties ........................................................................................................81

6.3.3. Simplification of the market sounding procedures and requirements ......................82

7. Article 18 MAR - Insider list ...........................................................................................83

7.1. Legal framework ........................................................................................................84

7.1.1. Usefulness of insider lists .......................................................................................84

7.1.2. Content of the insider lists: Actual access versus potential access to inside

information ...........................................................................................................................84

7.1.3. Content of the insider lists: Further clarification of which persons should be subject to

the obligation to draw up and maintain insider lists ...............................................................84

7.1.4. Content of the insider list: the role of the permanent insider section .......................85

5

7.2. Feedback to consultation ...........................................................................................85

7.2.1. Usefulness of insider lists .......................................................................................85

7.2.2. Additional evidence gathered by ESMA on the usefulness of insider lists ...............86

7.2.3. Content of the insider lists: Actual access versus potential access to inside

information ...........................................................................................................................87

7.2.4. Content of the insider lists: Further clarification of which persons should be subject to

the obligation to draw up and maintain insider lists ...............................................................88

7.2.5. Content of the insider list: the role of the permanent insider section .......................90

7.2.6. Reduction of the administrative burden for issuers regarding insider lists ...............91

7.3. ssment and recommendations ..............................................................93

7.3.1. Usefulness of insider lists .......................................................................................93

7.3.2. Content of the insider lists: Actual access versus potential access to inside

information ...........................................................................................................................93

7.3.3. Content of the insider lists: further clarification of which persons should be subject to

the obligation to draw up and maintain insider lists ...............................................................96

7.3.4. Content of the insider list: the role of the permanent insider section .......................98

7.3.5. Reduction of the administrative burden for issuers regarding insider lists ...............99

8. Article 19 of MAR ................................................................ 101

8.1. Legal framework ...................................................................................................... 102

8.2. Feedback to the Consultation .................................................................................. 104

8.2.1. Appropriateness of thresholds and transactions to be notified once the threshold is

reached 104

8.2.1.1. Initial threshold and notification of subsequent transactions .............................. 104

8.2.1.2. Level of the thresholds set out in Article 19(1a)(a) and (b) of MAR ................... 106

8.2.2. Appropriateness of the conditions under which the prohibition on trading is mandated

in accordance with Article 19(11) ........................................................................................ 106

8.2.3. Announcement of financial reports which the issuer is obliged to make public ..... 107

8.2.4. Persons required to comply with the closed period ............................................... 108

8.2.5. Exemptions to the application of the closed period requirement ........................... 108

8.3. .............................................................. 110

8.3.1. Appropriateness of thresholds and transactions to be notified once the threshold is

reached 110

8.3.1.1. Initial threshold and notification of subsequent transactions .............................. 110

8.3.1.2. Level of the thresholds set out in Article 19(1a)(a) and (b) of MAR ................... 111

8.3.2. Appropriateness of the conditions under which the prohibition on trading is mandated

in accordance with Article 19(11) ........................................................................................ 112

6

8.3.3. Announcement of financial reports which the issuer is obliged to make public ..... 116

8.3.4. Persons required to comply with the closed period ............................................... 116

8.3.5. Exemptions to the application of the closed period requirement ........................... 117

9. MAR and collective investment undertakings (CIUs) ................................................... 118

9.1. Legal framework ...................................................................................................... 118

9.1.1. Introduction: on the possible differentiation of CIUs admitted to trading or traded on a

trading venue from other issuers ........................................................................................ 118

9.1.2. Application of the PDMR obligations in the case of CIUs ...................................... 118

9.1.3. Disclosure of inside information regarding CIUs for which the admission to trading or

the trading of its financial instruments has been requested or approved ............................. 119

9.1.4. Application of insider lists to CIUs for which the admission to trading or the trading of

its financial instruments has been requested or approved .................................................. 120

9.2. Feedback to the consultation ................................................................................... 120

9.2.1. On the possible differentiation of CIUs admitted to trading or traded on a trading

venue from other issuers .................................................................................................... 120

9.2.2. Application of the PDMR obligations in the case of CIUs ...................................... 121

9.2.3. Disclosure of inside information regarding CIUs for which the admission to trading or

the trading of its financial instruments has been requested or approved ............................. 123

9.2.4. Application of insider lists to CIUs for which the admission to trading or the trading of

its financial instruments has been requested or approved .................................................. 124

9.3. .............................................................. 124

9.3.1. Introduction: on the possible differentiation of CIUs admitted to trading or traded on a

trading venue from other issuers ........................................................................................ 124

9.3.2. Application of the PDMR obligations in the case of CIUs ...................................... 125

9.3.3. Disclosure of inside information regarding CIUs for which the admission to trading or

the trading of its financial instruments has been requested or approved ............................. 126

9.3.4. Application of insider lists to CIUs for which the admission to trading or the trading of

its financial instruments has been requested or approved .................................................. 127

10. Competent Authorities, market surveillance and cooperation ................................... 128

10.1. Establishment of an EU framework for cross-market order book surveillance....... 128

10.1.1. Legal Framework ................................................................................................. 128

10.1.2. Feedback to the consultation ................................................................................ 130

10.1.2.1. Standardisation and harmonisation of order book data ..................................... 130

10.1.2.2. Possible compulsory reporting of order book data to NCAs .............................. 132

10.1.3. commendations......................................................... 132

10.2. Cum/ex and multiple withholding tax reclaim schemes ......................................... 134

7

10.2.1. Dividend arbitrage and WHT reclaim schemes ..................................................... 134

10.2.2. Current legislative framework and potential amendment to MAR.......................... 136

10.2.3. Feedback to the consultation ................................................................................ 137

10.2.4. ......................................................... 138

11. Sanctions and measures ......................................................................................... 141

11.1. Appropriateness of introducing common rules on the need for all MSs to provide

administrative sanctions for insider dealing and market manipulation ................................. 141

11.1.1. Legal framework ................................................................................................... 142

11.1.2. Feedback to the consultation ................................................................................ 143

11.1.3. Additional evidence gathered by ESMA ................................................................ 143

11.1.4. ......................................................... 145

11.2. Cross border enforcement of sanctions ................................................................ 146

11.2.1. Legal Framework ................................................................................................. 146

11.2.2. Feedback to the consultation ................................................................................ 148

11.2.3. ......................................................... 149

11.3. Other related issues: record-keeping requirement for NCAs ................................. 150

11.3.1. Legal framework ................................................................................................... 150

11.3.2. Feedback to consultation...................................................................................... 150

11.3.3. ................................................................... 151

Annexes ............................................................................................................................. 152

Annex 1- Summary of responses to the Consultation Paper ........................................... 152

Annex 2- Advice of the Securities and Markets Stakeholder Group ................................ 234

Annex 3- ................................... 252

Annex 4.- Mapping exercise on the administrative and criminal sanctions imposed under

Articles 14 and 15 of MAR .............................................................................................. 258

Acronyms and definitions used

ACER Agency for the Cooperation of Energy Regulators

AIF Alternative Investment Fund

AIFMD Alternative Investment Fund Managers Directive - Directive 2011/61/EU of the European Parliament and of the Council 8

BBP Buy-Back Programme

BMR European Benchmarks Regulation - Regulation (EU) 2016/1011 of the

European Parliament and of the Council

BRRD Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms

CBA Cost-Benefit Analysis

CDS Credit Default Swap

CFTC Commodity Futures Trading Commission

CIU Collective Investment Undertaking

CP Consultation Paper

CRD Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms CRR Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms

EAMP Emission Allowance Market Participant

EC European Commission

ESMA European Securities and Markets Authority

ETF Exchange-Traded Fund

EU European Union

EuSEF European Social Entrepreneurship Fund

EuVECA European Venture Capital Fund

FEMR Fair and Effective Markets Review

FX Foreign Exchange

GDPR Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC IAAS International Auditing and Assurance Standards

IR Interest Rate

ISIN International Securities Identification Number ISO International Organization for Standardization

IT Information Technology

LEI Legal Entity Identifier

9 MAD Market Abuse Directive - Directive 2003/6/EC of the European Parliament and of the Council repealed by Market Abuse Regulation (MAR) MAR Market Abuse Regulation Regulation 596/2014 of the European

Parliament and of the Council

MIC Market Identifier Code

MIFID II Markets in Financial Instruments Directive II Directive 2014/65/EU of the European Parliament and the Council MIFIR Markets in Financial Instruments Regulation Regulation (EU)

600/2014 of the European Parliament and of the Council

MTF Multilateral Trading Facility

MTN Medium-Term Note

NCA National Competent Authority

OTC Over-the-Counter

OTF Organised Trading Facility

PDMR Person Discharging Managerial Responsibilities

PRIN Principles for Business

Q&A Questions and Answers

REMIT Regulation (EU) 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency

RTS Regulatory Technical Standards

SMSG Securities and Markets Stakeholder Group

STOR Suspicious Transaction and Order Reports

TD Transparency Directive

TFEU Treaty on the Functioning of the European Union

ToTV Traded on a trading venue

TREM Transaction Reporting Exchange Mechanism

UCITSD Directive 2009/65/EC of the European Parliament and of the Council of

13 July 2009, on the coordination of laws, regulations and administrative

provisions relating to undertakings for collective investment in transferable securities (UCITS)

XML Extensible Markup Language

WHT Withholding tax

10

Executive Summary

Reasons for publication

Article 38 of MAR requires the European Commission (EC) to present a report to the European Parliament and the Council to assess various provisions of MAR. In light of this requirement, the EC addressed a formal request for technical advice to ESMA1. This Final

Report it follows the CP on the same topic

published in October 2019. It covers three types of topics: - Topics originally included in Article 38 of MAR, i.e. the appropriateness of introducing common rules on the need for all Member States to provide for administrativequotesdbs_dbs9.pdfusesText_15
[PDF] margins for 5x8 book

[PDF] margins for hardcover book

[PDF] market abuse regulation

[PDF] market abuse regulation summary

[PDF] marketing and pr plan template

[PDF] marketing company festival

[PDF] marketing for therapists

[PDF] marketing plan for event management company pdf

[PDF] maroc telecom only 3g

[PDF] marrakech berber

[PDF] marsh tour ariane 92088 paris la défense cedex france

[PDF] masculin féminin full movie 123movies

[PDF] masculin feminin full movie download

[PDF] masculin féminin full movie english subtitles 123movies

[PDF] masculin féminin full movie online