On February 2nd 2015 the European Securities and Markets Authority ("ESMA") published its final report on possible delegated acts concerning the Market Abuse Regulation ("MAR"), following its publication of the Consultation Paper on July 15th 2014.
The content of the final report deals with the formal requests from the European Commission to provide technical advice on the delegated acts. In particular, the final report:
- specifies the indicators of market manipulation, and provides examples of practices that may constitute market manipulation;
- recommends to set the minimum thresholds exempting certain market participants in the emissions allowance market from the requirement to publicly disclose inside information;
- advises on the determination of the competent authority for the notifications of delays in the public disclosure of inside information;
- provides clarifications on the types of transaction which trigger the duty on persons discharging managerial responsibilities and persons closely associated with them, to notify the issuer and the competent authority of such transactions ; and
- proposes the procedures and arrangements for the reporting of infringements under the MAR regime.
In some cases, the final report also incorporated the suggestions provided by the market participants' responses. A summary of these responses and ESMA's own comments on questions included in the Consultation Paper are also contained in the report.
"The delegated acts are expected to enter into force by July 2016."
The delegated acts are expected to be adopted by the European Commission and enter into force by July 2016, 24 months after the publication of MAR, taking into account the right of the European Parliament and Council of the EU to object and propose revisions to a delegated act.