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ESMA publishes responses to the Consultation on MAR Guidelines

The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation on draft guidelines on the Market Abuse Regulation (MAR).

ESMA had published the consultation, which was open until 31 March, since Article 11(11) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (MAR) provides that ESMA shall issue guidelines addressed to persons receiving market soundings. Article 17(11) of MAR provides that ESMA shall issue guidelines on legitimate interests of issuers to delay inside information and situations in which the delay of disclosure is likely to mislead the public. This consultation paper (CP) follows the Discussion Paper (DP) issued on November 2013 on ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation (ESMA/2013/1649).

As a next step, ESMA will consider the feedback it received to this consultation with a view to finalising the two sets of Guidelines and publishing a final report by early Q3 2016, around the entry into application of MAR.

The responses and the ESMA statement are available here.

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