Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.

Key Points:

..ESMA is seeking industry views on various aspects of MAR and whether they are operating as they should.

..As well as suggesting some areas in which the regime could be changed, the paper also offers up what is effectively new guidance on certain elements - including the definition of inside information and the nature of the market soundings regime.

MAR requires the European Commission to report on the regime’s effectiveness. On 3 October 2019, ESMA launched a consultation on a number of MAR topics as part of this process. Responses are due by 29 November 2019 to enable ESMA to produce a report early in 2020.