Regulatory Alerts2022-08-10
ESMA Opinion on the Intended Revision of the CMVM Accepted Market Practice on Liquidity Contracts
The European Securities and Markets Authority issued this opinion on 5 August 2022 regarding the Portuguese CMVM's proposal to revise its Accepted Market Practice on liquidity contracts. The revision introduces a hard volume limit of 20,000 euros per session to allow financial intermediaries to provide liquidity when standard relative thresholds are insufficient, subject to prior authorization and demonstration of difficulty. ESMA concludes that the proposed amendments are compatible with the Market Abuse Regulation and contain sufficient safeguards to maintain market confidence.
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