EP publishes MAR letters: EP has published letters its Committee on Economic and Monetary Affairs (ECON) has sent to the Commission and ESMA on managers' transactions under the new Market Abuse Regulation (MAR). EP's negotiating team met to discuss whether transactions in baskets, index instruments and investment funds should attract different reporting treatment to other instruments. ESMA's proposals would mean "persons discharging managerial responsibilities" would not have to report these transactions if shares in their own company constituted less than 20% of these instruments. The meeting discussed:

  • whether there could or should be a threshold at all: to introduce one would require a "quick fix" to the current Level 1 test, but the negotiators think there should be a threshold; and
  • whether 20% is the appropriate threshold. EP is not convinced it is and does not agree with ESMA's reasoning behind suggesting the figure. It would rather look at, for example, whether there is a benchmark for other conflicts of interest that distinguishes between significant and insignificant transactions that might be a better guide.

(Source: EP Publishes MAR Letters)