ESMA launched its consultation on its draft guidelines on the Market Abuse Regulation (“MAR”) on 28 January 2016. 

ESMA is seeking stakeholder’s feedback on draft guidelines:

  1. For persons receiving market soundings (MAR introduces a detailed regime for “market soundings”); and
  2. on legitimate interests of issuers to delay disclosure of inside information (MAR provides the possibility, under certain circumstances, to delay the disclosure of insider information) and on situations in which the delay of disclosure is likely to mislead the public.

ESMA will consider the feedback to this consultation with a view to finalising the two sets of guidelines and publishing a final report by early Q3 2016.

The consultation and press release are available below:

Read the press release 'ESMA Consults on MAR Guidelines Regarding the Market Surroundings and Delayed Disclosure'

ESMA published an update concerning its work on closet index tracking, with its research stating that between 5% and 15% of UCITS equity funds could potentially be closet indexers on 2 February 2016.

Read the press release 'ESMA Updates on Supervisory Work on Closet Indexing'