ESMA: ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation

This discussion paper sets out ESMA’s initial views on the implementing measures it will have to develop for MAR. It covers 10 sections of MAR where ESMA is expected to have to provide input, including conditions to be met by buyback programmes and stabilization measures to benefit from the exemption from market abuse prohibitions; arrangement and procedures required for market soundings, from the perspective of both the sounding and the sounded market participants; indicators and signals of market manipulation; criteria to establish accepted market practices; arrangement, systems and procedures to put in place for the purpose of suspicious transactions and order reporting as well as its content and format; issues relating to public disclosure of inside information and the conditions for delay; format for insider lists; issues concerning the reporting and public disclosure of managers’ transactions; arrangements for fair presentation and disclosure of conflicts of interests by producers and disseminators of investment recommendations and reporting of violations and related procedures. The paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission in June 2013. Responses are required by 27 January 2014. ESMA will consider the feedback it receives in Q1 2014 and incorporate it in to its full consultation papers on both its draft technical standards and technical advice to the EC. The dates for these consultations are will depend on the publication of the final version of MAR.