ESMA's Consultation Paper - draft guidelines on the Market Abuse Regulation

31. marts 2016

​It is important that the implementation of the Market Abuse Regulation (MAR) is done in a way that prevents any form of market abuse but care must be taken to
ensure that the functioning of the securities markets in the European Union is not hampered

Generally we find that the suggested documentation and assessments required by MSR’s on daily activities are too extensive and burdensome in comparison with the potential benefits in the event that a case of market abuse arises and is to be investigated by the authorities.
 
It is important that ESMA provides further guidance in relation to when the disclosure obligation occurs. We especially se merit in ESMA commenting on and taking into account the concept of the two fold notion, where it is generally accepted that inside information can be used for insider trading before an issuer has an obligation to disclose this information following article 17, e.g. when the inside information may not be sufficiently precise.

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Kontakt:

Stefan Munch Gotfredsen
Kontorchef
Telefon: 3370 1074
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