ESMA publishes Level 3 guidelines under MAR

On 20 October 2016, ESMA published on its website two sets of Level 3 guidelines under MAR, namely:

• guidelines on persons receiving market soundings, and
• guidelines on delay in the disclosure of inside information.

Publication (in the 22 official languages of the EU) triggers a two month period during which national regulatory authorities must confirm to ESMA whether or not they will follow the guidelines (and, if not, an explanation as to why not).

The guidelines themselves will apply two months after publication, ie from 20 December 2016.

The only outstanding Level 3 measures now remaining under MAR are ESMA’s guidelines to establish a list of information which is reasonably expected or is required to be disclosed on commodity derivatives markets or spot markets. ESMA’s Final Report containing the draft guidelines was published on 30 September 2016 and formal publication on ESMA’s website of the guidelines, translated into the official languages of the EU, is awaited.