MAR: EU Commission adopts three sets of regulatory technical standards and Commission Implementing Regulation on insider lists published in Official Journal

The EU Commission has adopted three Commission Delegated Regulations under MAR, which specify RTS relating to:

• the conditions that buy-back programmes and stabilisation measures must meet, including conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions;
   
• technical arrangements for objectively presenting investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest; and
   
• determining appropriate arrangements, systems and procedures as well as notification templates to be used by persons to comply with requirements on preventing, detecting and reporting abusive practices or suspicious orders or transactions to competent authorities.

The Commission Delegated Regulations will enter into force the day following their publication in the Official Journal and will apply from 3 July 2016.

A Commission Implementing Regulation (2016/347) laying down implementing technical standards (ITS) on the precise format of insider lists and keeping insider lists up to date has been published in the Official Journal. The ITS relate to requirements under Article 18 MAR for issuers, emission allowance market participants, auction platforms, auctioneers and auction monitor, or any other persons acting on their behalf or on their account, to draw up insider lists, which should identify specific pieces of inside information and should be submitted to competent authorities through specific electronic formats.

The Implementing Regulation entered into force on 12 March 2016 and shall apply from 3 July 2016.