Date: 02 June 2016

On 25 May 2016, the European Securities and Markets Authority (ESMA) issued a Communication clarifying the reporting of reference data under the Market Abuse Regulation (MAR).

Following the agreed later implementation of the Markets in Financial Instruments Directive II (MiFID II) and Regulation (MiFIR), some of the MAR provisions will be aligned to the new MiFID II timelines. The agreement on MIFID II provides for postponement of the application date of certain provisions of MAR, in particular the Article 4 thereof until the same date. Specifically, the requirements set out under Article 4(2) and (3) will apply from 3 January 2018, whilst the application date of the requirement in Article 4(1) remains 3 July 2016.