On 20 October 2016, the European Securities and Markets
Authority (the ESMA) has published a translated
version of the MAR Guidelines on delay in the disclosure of inside
information (the Guidelines)1 in
accordance with Regulation 596/2014 of the European Parliament and
of the Council of the European Union (the MAR)
repealing and replacing Directive 2003/6/EC on Market Abuse. The
Guidelines will enter into force on 20 December
20162.
We would like to use the opportunity of this publication to
shortly summarize the changes in Luxembourg applying to Issuers
under the new MAR and briefly describe the contribution made by the
aforementioned Guidelines.
One of the major change introduced in Luxembourg by the MAR is
the end of the disclosure requirements exemption which applied to
the Euro MTF issuers. In other words, the scope of the market abuse
regime, which previously only applied to issuers with debt
securities admitted to trading on a regulated market, has
