ESMA has published a discussion paper presenting positions and regulatory options for developing the technical standards, advice and guidelines it has to deliver under the Market Abuse Regulation (MAR). Responses to this discussion paper will be fed into the final consultations to take place in 2014. ESMA seeks input on the following areas:

  • exemption for buyback programmes and stabilisation measures;
  • market soundings;
  • indicators and signals of market manipulation;
  • Accepted Market Practices;
  • procedures, content and format to submit Suspicious Transactions and Order Reports;
  • delay in the public disclosure of inside information and the conditions for delay;
  • format for insider lists;
  • managers’ transactions and trading window;
  • conflicts of interests in investment recommendations; and
  • reporting of breaches and protection of the person making the report.

The Commission has already asked ESMA to deliver advice on delegated acts within eight months of the publication of MAR. The deadline for submission of technical standards will be as set in the final text of MAR. ESMA asks for comments by 27 January 2014. (Source: ESMA Begins Preparatory Work for New Market Abuse Regime)