ESMA Guidelines and Recommendations

ESMA updates MAR guidelines on market soundings

ESMA Guidelines and Recommendations

Date: 25 November 2016

On 10 November 2016, the European Securities and Markets Authority (ESMA) re-issued the official translations of its final guidelines clarifying the implementation of the Market Abuse Regulation (MAR) for persons receiving market soundings.

Following a linguistic issue in the Polish translation, all 22 language versions are being re-published today which moves its legal application date to 10 January 2017. Today’s publication triggers the period of two months within which national competent authorities subject to these guidelines have to notify ESMA whether or not they intend to comply with the guidelines. However, these updates do not concern the substance of the other guidelines which remains unchanged.

The new market abuse regime strengthens the existing market abuse framework by extending its scope to new markets, platforms and trading behaviors. It contains prohibitions for insider dealing and market manipulation, and provisions to prevent and detect these.