ESMA is consulting on draft guidelines under the Market Abuse Regulation (EU MAR) setting out a non-exhaustive indicative list of information expected or required to be published on commodity derivatives markets or spot markets which is relevant to determining inside information on commodity derivatives and triggering the prohibitions for insider dealing. Inside information in relation to commodity derivatives must relate to either the commodity derivatives themselves or to the related spot commodity contract. There is a wide variety of commodities markets and commodity derivatives markets which may require distinguishing between types of information specific to these markets. ESMA has therefore considered the scope of the instruments or products concerned. It considers what terms are defined in EU MAR and how relevant definitions in both the current Markets in Financial Instruments Directive (MiFID) and the MiFID 2 package relate to the EU MAR concepts. The draft guidelines set out non-exhaustive examples of information:

  • relating directly to commodity derivatives;
  • relating indirectly to commodity derivatives without a related spot market; and
  • directly relating to a spot commodity contract.

Consultation closes on 20 May. (Source: ESMA consults on EU MAR commodity and spot markets disclosures)