ESMA today published its “technical advice on possible delegated acts concerning the Market Abuse Regulation’ this morning. This constitutes advice to the European Commission on further detailed legislation to support MAR. While it is early days in the overall process, a quick glance at the content contains many terms familiar to all who have been grappling with EMIR and so forth for the last few years, e.g. benchmarks, thresholds, inside and physical information disclosure, emissions, orders to trade, reporting. Familiar terms, but no doubt new implications for the Compliance workplan.
More bed time reading. See here.