Regulatory Alerts2022-05-02
ESMA Opinion on the European Commission’s proposed amendments to the draft Implementing Technical Standards on insider lists under MAR
ESMA issued this opinion in response to the European Commission's proposed amendments to the draft Implementing Technical Standards on the format of insider lists under the Market Abuse Regulation. ESMA rejected the Commission's proposal to limit SME Growth Market insider lists to regular insiders without specifying the inside information accessed, arguing this would hinder National Competent Authorities in investigating market abuse. While ESMA agreed to include a permanent insider section for certain SME issuers, it maintained the requirement for event-based details to ensure the lists remain useful for enforcement purposes.
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