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
3Table 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
44.2. 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
57.2. 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 1048.2.1.1. 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 1108.3.1.1. 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
68.3.3. 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
710.2.1. 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 ................................ 234Annex 3- ................................... 252
Annex 4.- Mapping exercise on the administrative and criminal sanctions imposed underArticles 14 and 15 of MAR .............................................................................................. 258
Acronyms and definitions used
ACER Agency for the Cooperation of Energy RegulatorsAIF Alternative Investment Fund
AIFMD Alternative Investment Fund Managers Directive - Directive 2011/61/EU of the European Parliament and of the Council 8BBP Buy-Back Programme
BMR European Benchmarks Regulation - Regulation (EU) 2016/1011 of theEuropean Parliament and of the Council
BRRD Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firmsCBA 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 firmsEAMP 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 ReviewFX 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 StandardsIR Interest Rate
ISIN International Securities Identification Number ISO International Organization for StandardizationIT 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 EuropeanParliament 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 ResponsibilitiesPRIN 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 transparencyRTS 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 UnionToTV Traded on a trading venue
TREM Transaction Reporting Exchange Mechanism
UCITSD Directive 2009/65/EC of the European Parliament and of the Council of13 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
10Executive 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 FinalReport 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 hardcover book
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