On July 15, 2014, ESMA published two consultation papers under the new Market Abuse Regulation (“MAR”), which will apply from July 2016, on draft technical standards and draft technical advice to the European Commission. The draft RTS/ITS cover: (i) buy-backs and stabilization - conditions for and disclosure of buy-back programs and transaction stabilization; (ii) market soundings – disclosures, timings, investor consent, record keeping requirements, internal processes and controls; (iii) accepted market practices – scope, status of rims,process and requirements to establish and terminate an AMP; (iv) prevention and detection of market abuse, including suspicious transactions and order reporting: reporting obligations, detection, content of STORs and record keeping; (v) disclosure of inside information, including possible exemptions and delays; (vi) insider lists: format, language, procedures; (vii) managers’ transactions –
notification, disclosure and content; and (viii) investment recommendations – scope, dissemination, recommendations, avoidance of conflicts of interests.
The draft technical advice covers: (i) indicators of market manipulation; (ii) exemptions from disclosure obligations for certain emission allowance market participants; (iii) manager’s transactions; and (iv) reporting infringements. Both consultations are open for feedback until October 15, 2014.
The consultation papers are available at: http://www.esma.europa.eu/news/Pressrelease-ESMA-details-new-market-abuse-regime?t=326&o=home.