On 15 July 2014, ESMA published consultation papers on draft technical standards and draft technical advice under the Market Abuse Regulation.
The draft technical standards paper includes discussion of the following areas:
- buy-back programmes and stabilisation;
- market soundings including proposed standards prior to conducting one, timing, obtaining the agreement of a potential investor, record keeping requirements and cleansing;
- technical means for public disclosure of inside information and any related delays;
- insider lists; and
- the format and template for notification and disclosure of managers' transactions.
The draft technical advice paper covers the following areas:
- specification of the indicators of market manipulation;
- determination of the competent authority for notification of delays in public disclosure of inside information; and
- managers' transactions, including the types of transactions that trigger the duty to notify, and trading during a closed period.
ESMA will consider responses received by 15 October 2014 and hold an open hearing on 8 October 2014.
The draft technical standards paper is available at: http://www.esma.europa.eu/consultation/Consultation-Paper-Draft-technical-standards-Market-Abuse-Regulation-MAR.
The draft technical advice paper is available at: http://www.esma.europa.eu/content/Consultation-Paper-Draft-technical-advice-possible-delegated-acts-concerning-Market-Abuse-Re.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
