On 3 July 2016, the key operative provisions of the Market Abuse Regulation ("MAR") took effect. MAR addresses areas such as insider dealing, unlawful disclosure of inside information and market manipulation (all of which constitute market abuse for MAR purposes), disclosure requirements in relation to inside information and arrangements between ESMA and national competent authorities. The Regulatory Technical Standards ("RTS") and Implemented Technical Standards ("ITS") also came into force. The RTS and ITS cover areas such as:
- the conditions, restrictions, disclosure and reporting obligations for buyback programmes and stabilisation measures;
- the arrangements procedures and record-keeping requirements for persons conducting market soundings;
- the systems and notification templates to be used in market soundings and the means for appropriate communications;
- the establishment, maintenance and termination of accepted market practices;
- the arrangements, systems, procedures and notification templates to report suspicious orders and transactions;
- the technical means for public disclosure of inside information and circumstances where delay is legitimate;
- the precise format of insider lists;
- the format and template for the notification of managers' transactions; and
- the technical arrangements for the objective presentation of investment recommendations.
Our briefing on MAR can be accessed here:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.