ESMA stakeholder group advises on MAR: ESMA's Securities and Markets Stakeholder Group (SMSG) has responded to ESMA's consultation on draft technical standards and possible delegated acts under the Market Abuse Regulation (MAR). The response:

  • stresses the importance of market soundings as a means of managing relations between issuers and investors but says some of ESMA's proposals seem too complex and might have the effect of discouraging these soundings;
  • welcomes the proposal to harmonise insider lists but is worried about the extensive information ESMA wants insiders to provide;
  • appreciates it is necessary to tighten some of the regime on investment recommendations, and agrees with ESMA's proposals to set stricter rules for "qualified persons"; and
  • thinks ESMA has drafted too widely its proposals on disclosure of manager transactions.

(Source: ESMA Stakeholder Group Advises on MAR)

ESMA speaks on PRIIPs and MiFID 2: Speaking at a seminar in Madrid, Steven Maijoor focused on:

  • the challenge the ESAs face in ensuring proper implementation of PRIIPs. He said they will consult on a draft Key Information Document (KID) in the next month;
  • the revised Markets in Financial Instruments Directive (MiFID 2) with particular reference to the requirement on ESMA to advise the Commission on the rules relating to inducements. ESMA's paper to the Commission will focus on minor non-monetary benefits and quality enhancements. He stressed that ESMA has no intention of going beyond the Level 1 measures, but noted it has several concerns it must address.

Finally, he looked at ESMA's methodology for peer reviews of national regulators. (Source: ESMA Speaks on PRIIPs and MiFID 2)