In the frame of the recent publication in the Official Journal of the European Union of Regulation (EU) No 596/2014 on market abuse (the “MAR”), on July 15, 2014 the European Securities and Markets Authority (“ESMA”) published two consultation documents (ESMA/2014/808 and ESMA/2014/809, together the “Documents).

The purpose of the Documents is to gather comments from market actors on the technical advice ESMA is to give to the European Commission with respect to future delegated regulations concerning the MAR.

The Documents target, among other things, to specify market abuse indicators, to precise which transactions are to be notified by managers, to specify how infringements to the Regulation are to be reported, to define what are admitted market practices and/or to provide how to report suspicious transactions or orders.

Following the publication of the Documents and in order to provide the European Commission with its recommendations, ESMA will hold an open hearing in Paris on October 8, 2014 and can receive comments from market actors until October 15, 2014 on its website www.esma.europa.eu.