MAR: Delegated Act and ITS published in Official Journal

A Commission Delegated Regulation (2016/522), which supplements the Market Abuse Regulation (MAR), has been published in the Official Journal. The Regulation sets out detailed rules in relation to:

• the extension to the exemption of certain public bodies and central banks of third countries from the obligations and prohibitions set out in MAR in carrying out monetary, exchange-rate or public debt management policy;
   
• indicators of market manipulation;
   
• minimum thresholds for the exemption of certain participants in the emission allowance market from the requirements to publicly disclose inside information;
   
• determination of the competent authority for the notifications of delays of public disclosure of inside information;
   
• circumstances under which trading during a closed period may be permitted by the issuer; and
   
• types of transaction triggering the duty to notify managers' transactions.

The Regulation will enter into force on 25 April 2016 and will apply from 3 July 2016.

Alongside the Regulation, a Commission Implementing Regulation (2016/523) which sets out implementing technical standards (ITS) on the format and template for notification and public disclosure of managers' transactions under MAR has also been published in the Official Journal. The Commission Implementing Regulation will enter into force on 6 April 2016 and will apply from 3 July 2016.