On June 30, 2016, a Commission Delegated Regulation in the form of RTS on the conditions applicable to buy-back programmes and stabilisation was published in the Official Journal of the European Union. MAR provides exemptions from the prohibition of market abuse for trading in own shares in buy-back programmes and trading in securities or associated instruments for the stabilisation of securities. The RTS set out the conditions that must be met before those exemptions will apply, including disclosure and reporting obligations, conditions for trading and trading restrictions. The RTS applied from July 3, 2016.

The RTS on Exemptions for Buy-Back Programmes and Stabilisation is available at: http://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=uriserv:OJ.L_.2016.173.01.0034.01.ENG&toc=OJ:L:2016:173:TOC