ESMA Publishes Final Report On MAR Review Report

The European Securities and Markets Authority (ESMA) has just published its Final Report on the Market Abuse Regulation Review Report. This Final Report is the last step in ESMA's mandate to draw up technical advice for the European Commission for it (the Commission) to satisfy its obligation to present an assessment of various provisions of the Market Abuse Regulation (MAR) to the European Parliament and the Council.

The Final Report covers three main topics:

1. Topics originally included in article 38 of MAR i.e. topics which the European Commission is obliged to assess in its report to the European Parliament and the Council. These topics include, inter alia, the appropriateness of introducing common rules on the need for all Member States to provide for administrative sanctions for insider dealing and market manipulation; the definition of inside information; the appropriateness of the trading prohibition for persons discharging managerial responsibilities