Regulatory Alerts2019-09-19
ESMA Opinion on the Revised Accepted Market Practice on Liquidity Contracts by CNMV
The European Securities and Markets Authority (ESMA) issued a positive opinion on the Comisión Nacional del Mercado de Valores (CNMV) proposal to revise its Accepted Market Practice on liquidity contracts. The revision introduces a 20,000 euro per-session hard limit for very illiquid shares and permits financial intermediaries to place simultaneous buy and sell orders during auctions and fixing systems. ESMA concludes that these amendments align with ESMA points for convergence and remain compatible with the Market Abuse Regulation and Commission Delegated Regulation 2016/908.
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