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ARTICLE · 09 FEBRUARY 2017

MAR: ESMA Updated Q&As

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On 26 October 2016, the European Securities and Markets Authority ("ESMA") published an updated version of its Q&A on the Market Abuse Regulation ("MAR") confirming:

European UnionCorporate/Commercial Law
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On 26 October 2016, the European Securities and Markets Authority ("ESMA") published an updated version of its Q&A on the Market Abuse Regulation ("MAR") confirming:

  • Under Article 19(1) of MAR (Managers' transactions), with regards to the EUR 5,000 threshold for the reporting of managers' transactions, that when the transaction currency is not euro, the exchange rate that should be used to determine if the threshold set out in Article 19(8) of MAR of EUR 5,000 has been crossed is the official daily spot foreign exchange rate which is applicable at the end of the business day when the transaction is conducted. Where available, the daily euro foreign exchange reference rate published by the European Central Bank on its website should be used.

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