EU Regulation on Notifications under the Market Abuse Regulation

Shearman & Sterling LLP
Contact

A Commission Delegated Regulation supplementing the Market Abuse Regulation was published in the Official Journal of the European Union. The Regulation lays down Regulatory Technical Standards for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of notifications. 

The Markets in Financial Instruments Regulation requires on-going submissions of reference data for financial instruments admitted to trading. By contrast, the MAR requires trading venues to notify regulators only once of details of financial instruments which are the subject of a request for admission to trading, admitted to trading or traded and where a financial instrument ceases to be traded or admitted to trading. The Regulatory Technical Standards require that notifications of financial instruments pursuant to the reporting obligations in MAR include all of the data set out in table 2 annexed to the Regulatory Technical Standards, such as the instrument identification code, instrument full name and trading venue.

The Regulatory Technical Standards also require trading venues to be electronically notified of any incompleteness in the received notifications and of failure to deliver the notifications before the relevant deadline. Competent authorities must, using automated processes, monitor and access whether notifications received from trading venues comply with relevant legislation and must transmit complete and accurate notifications to ESMA. Further requirements are placed on ESMA to consolidate the notifications received from each competent authority and, using automated processes, to monitor and assess whether the notifications received from competent authorities are complete, accurate and comply with the applicable standards and formats, to inform competent authorities of incompleteness or failure to deliver notifications before the relevant deadline and to publish the complete list of notifications in an electronic, downloadable and machine readable form on its website.

The Regulatory Technical Standards shall apply from 3 July 2016.

View the Regulatory Technical Standards.

Written by:

Shearman & Sterling LLP
Contact
more
less

Shearman & Sterling LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide