On February 3, 2015, ESMA published its final technical advice on delegated acts under the new Market Abuse Regulation (“MAR”). The European Commission requested the advice from ESMA to assist it in developing the required Delegated Acts under MAR. ESMA’s advice covers: (i) clarification of the indicators of market manipulation; (ii) minimum thresholds for the exemption of certain participants in the emission allowance market from the requirement to publicly disclose inside information; (iii) ways for determining the relevant national regulator for notification of delays in public disclosure of inside information; (iv) clarification on the enhanced disclosure regime for managers’ transactions; and (v) reporting of infringements. The European Commission must adopt Delegated Acts on these issues so that they enter into force 24 months after MAR entered into force, which was on July 2, 2014.
ESMA advice is available at: http://www.esma.europa.eu/news/ESMA-advises-Commission-implementation-new-market-abuse-regime? t=326&o=home.