On 28 January 2016, the European Securities and Markets Authority (ESMA) opened a public consultation on draft guidelines clarifying the implementation of the Market Abuse Regulation (MAR). MAR strengthens the existing market abuse framework by extending its scope to new markets, platforms and trading behaviours. It contains prohibitions for insider dealing and market manipulation, and provisions to prevent and detect these.

ESMA was seeking stakeholder’s feedback on draft guidelines:

1. for persons receiving market soundings (MAR introduces a detailed regime for “market soundings”); and
2. on legitimate interests of issuers to delay disclosure of inside information (MAR provides the possibility, under certain circumstances, to delay the disclosure of insider information) and on situations in which the delay of disclosure is likely to mislead the public.

ESMA considered the feedback to this consultation with a view to finalising the two sets of Guidelines and publishing a final report by early Q3 2016. MAR will directly apply in EU Member States from 3 July 2016, amending the previous Market Abuse Directive (MAD). As provided for in MAR, ESMA already delivered Draft Technical Standards, setting out further detailed rules required by MAR, notably in relation to disclosing market participants conducting market soundings. ESMA is still preparing a consultation paper on a third set of guidelines required under MAR and relating to the information expected or required to be published in relation to commodity derivatives.”