ESMA publishes results of second Market Abuse peer review

The European Securities and Markets Authority (ESMA) published today the results of its follow-up review of national competent authorities’ (NCAs) supervisory regimes with regard to the Market Abuse Directive (MAD).

This review was limited to the areas where shortcomings were noted previously, and covered seven NCAs where some shortcomings had been noted in the previous peer review – namely those of Bulgaria, Iceland, Liechtenstein, Poland, Romania, Slovakia and Slovenia. Depending on the specific situation at each NCA, the review covered one, two or three of the following areas:

•             supervisory practices put in place by NCAs in order to monitor the application of investment firms, regulated markets and Multilateral Trading Facilities (MTFs) to have necessary market abuse investigation capabilities.

•             supervisory practices to monitor compliance with the provisions relating to Insider lists; and

•             NCA practices to deal with rumours.

The review found that all NCAs subject to this follow-up review have taken important steps towards full compliance with the relevant Guidelines. Four NCAs are considered fully compliant. This review provides a good basis to foster further convergence of NCAs’ supervisory practical.

The full report can be found here

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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