ESMA Seeks Feedback on Proposed Market Abuse Regime


The European Securities and Markets Authority
(ESMA) has published a discussion paper setting out its initial views on the
implementing measures it will have to develop for the new Market Abuse
Regulation (MAR).
MAR aims to enhance market integrity and investor protection by updating and
strengthening the existing market abuse framework, extending its scope to new
markets and trading strategies, and by introducing new requirements.
The discussion paper presents positions and regulatory options on those issues
where ESMA will have to develop MAR implementing measures, likely to include regulatory
technical standards, delegated acts and guidelines. ESMA adds that these
implementing measures are of fundamental importance to the new regime, as they
set out how MAR’s enlarged scope is to be implemented in practice by market
participants, trading platforms, investors, issuers and persons related to
financial markets.
In developing these regulatory options ESMA, where similar requirements already
exist under the current Market Abuse Directive (MAD), has taken into
consideration the existing MAD Level 2 texts and ESMA/Committee of European
Securities Regulators (CESR) guidelines to set out the DP positions in light of
the extended scope of MAR.
This Discussion Paper is based on the version of the MAR Level 1 text agreed by
the European Parliament (EP), the Council and the European Commission (EC) on
24 June 2013.
The closing date for responses is Monday 27 January 2014.


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