ESMA consultation - MAR Review | Regulatory Updates

ESMA consultation – MAR Review

ESMA consultation – MAR Review


  • ESMA consultation -Market Abuse Regulation (MAR) review; 3 October 2019
  • This consultation paper is primarily of interest to issuers of financial instruments admitted to trading or trading on a trading venue, investment firms, asset management companies and persons discharging managerial responsibilities in the above-mentioned issuers


  • All interested stakeholders are invited to respond to this consultation paper.
  • ESMA also seeks responses from other market participants associations and industry bodies, institutional and retail investors, consultants and academics.
  • This consultation paper (CP) originates from the EC’s mandate to ESMA to provide technical advice on the MAR report, and it covers three types of topics:
  • Topics originally included in Article 38 of MAR, i.e. the appropriateness of introducing common rules on the need for all Member States to provide for administrative sanctions for insider dealing and market manipulation; the definition of inside information; the appropriateness of the trading prohibition for persons discharging managerial responsibilities (PDMRs); a possible cross-market order book surveillance framework and the scope of the benchmarks provisions.
  • A set of connected topics arising from the EC’s mandate on the scope of MAR, that includes buy-back programmes, the delayed disclosure of inside information, the usefulness of insider lists; different aspects of PDMR notification requirements; and cross-border enforcement of sanctions.
  • Issues closely linked to some of the above-mentioned topics

Timeline with relevant dates to be logged on regulatory calendar

  • Consultation opens on 3 October 2019
  • Consultation closes on 29 November 2019

Next steps

Any respondents need to send comments to ESMA.

Based on feedback received from stakeholders, ESMA will develop the final review report.

ESMA intends to submit the final report to the EC in the spring of 2020.

Click here to contact our experts

Subscribe to Updates

Receive regular updates from our expert consultants as they provide clarification and guidance on issues impacting your organisation.

Subscribe >>