European Union:
MAR: Updated ESMA Q&A Includes New Answers On Managers' Transactions And Trading During Closed Periods And On EAMPs
23 February 2018
Shearman & Sterling LLP
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On 21 November 2017, the European Securities and Markets
Authority (ESMA) published a revised version of
its Q&A on the implementation of the Market Abuse Regulation
(MAR). The new Q&A document includes two new
answers on managers' transactions, addressing in particular
trading during "closed periods" by persons discharging
managerial responsibilities (PDMRs) and detailing
the types of transactions prohibited during such closed
periods.
The updated ESMA MAR Q&A includes a new Question 11 on
emission allowances and emission allowances market participants
(EAMPs). The Q&A is concerned with the time
period that should be used to calculate whether one of the
emissions thresholds referred to in MAR Article 17.2 has been
exceeded so as to bring the EAMP within MAR.
The updated Q&A can be found 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.
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