The European Commission has published its Implementing Regulation laying down ITS with regard to the format and template for notification and public disclosure of managers' transactions in accordance with MAR. The annex to the Implementing Regulation contains the template that must be used by persons discharging managerial responsibilities and persons closely associated with them to submit notifications of the transactions referred to in Article 19(1) of MAR (known as managers' transactions). The purpose of the template is to foster efficiency in the process of notifying managers' transactions and provide comparable information to the public. It will apply from 3 July 2016.