On April 5, 2016, a Commission Delegated Regulation and Commission Implementing Regulation supplementing the Market Abuse Regulation were published in the Official Journal of the European Union. The Delegated Regulation extends the exemption to certain public bodies and central banks of third countries from the obligations set out in MAR, including amongst others, the Reserve Bank of Australia, the Central Bank of Brazil, the Bank of Canada and the People’s Bank of China. The Delegated Regulation also supplements the MAR with additional indicators of market manipulation relating to false or misleading signals and to price securing. It details the thresholds for the disclosure by market participants of inside information to regulators and clarifies which of the national regulators an issuer should notify any delay in disclosing inside information to. The Delegated Regulation sets out the conditions under which managers may trade during closed periods in certain exceptional circumstances, such as severe financial difficulty where shares must be sold immediately, and where the characteristics of the trade are such that the beneficial interest in the relevant security does not change (i.e., employee share or saving scheme). A person engaging in trading during closed periods is required to request permission from the issuer and the regulator. Types of notifiable transactions include, amongst others, acquisition, disposal, short sale, subscription and exchange. The Delegated Regulation enters into force on April 24, 2016, and will apply from July 3, 2016.
The Commission Implementing Regulation provides the template for notification and public disclosure of managers’ transactions. The template requires information on all managers’ transactions conducted on a particular day. The ITS entered into force on April 6, 2016, and will apply from July 3, 2016.
The Delegated Regulation is available at: http://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=uriserv:OJ.L_.2016.088.01.0001.01.ENG&toc=OJ:L:2016:088:TOC and the ITS is available at: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2016.088.01.0019.01.ENG&toc=OJ:L:2016:088:TOC.