The MAR Review — ESMA’s Final Report

ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way.

Key Points:

..Pre-hedging / front running: ESMA proposes developing detailed guidance on acceptable practice, but identifies a number of factors such as trade by trade transparency that may be disruptive to some existing practices.

..Market soundings: ESMA has maintained its stance that the market soundings regime is compulsory, and is unmoved by arguments driven by conflicts of laws and extraterritorial effect.

..Insider lists: ESMA has provided some flexibility on the question of who should be included on an insider list, and how large a permanent insider list should be, without changing the thrust of its overall position that deal lists should capture only those who have accessed inside information.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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