ESMA consults on MAR Level 2 measures: ESMA has launched the consultation on the technical standards and technical advice it has to deliver to the Commission under the Market Abuse Regulation (MAR).

The consultation on technical standards covers:

  • conditions for buy-backs and stabilisation;
  • market soundings;
  • accepted market practices, including on criteria such as liquidity and market structure that determine whether a market practice can be established;
  • suspicious transaction reporting, including issues such as level of suspicion required and the format of reports;
  • means for public disclosure of inside information and delays;
  • insider lists;
  • notification and disclosure of managers' transactions; and
  • the objective presentation and disclosure of interests for those involved in producing investment recommendations.

The consultation on technical advice covers:

  • the indicators of market manipulation;
  • exemption from public disclosure requirement for certain participants in the emission allowances market;
  • determination of the competent authority for notifying delays in public disclosure;
  • managers' transactions, including when trading during a closed period may be permitted by an issuer; and
  • reporting of infringements.

A hearing will be held in Paris on 8 October. (Source: Technical Standards and Technical Advice)

ESMA consults on EMIR definitions: ESMA is consulting on draft RTS for the clearing of Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) that ESMA has to develop under the European Markets Infrastructure Regulation (EMIR):

  • the draft RTS on IRS propose four classes be subject to central clearing, on a range of currencies and underlying indices. The products would be basis swaps, fixed-to-float interest rate swaps, forward rate agreements and overnight index swaps;
  • the draft RTS on CDS proposes European untranched Index CDS (for two indices) to be subject to central clearing.

ESMA wants comments in respect of IRS by 18 August and CDS by 18 September. (Source: ESMA Consults on EMIR Definitions)

ESMA and Commission update EMIR FAQ: ESMA has added a few more questions to its FAQ on EMIR, which now runs to 90 pages. The Commission has also updated its set of FAQ. (Source: ESMA Updates EMIR FAQ and Commission Updates ESMA FAQ)

ESMA consults on CRAs reporting: ESMA has launched a consultation on guidelines regarding the information credit rating agencies (CRAs) submit periodically to ESMA. (Source: ESMA Consults on CRAs Reporting)