ESMA, the EU’s securities markets regulator, has today published the Final Report on the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets (SME GMs). These amendments focused on liquidity contracts and insider lists for SME GMs.
This final report and draft RTS and ITS largely reflect the original proposals included in the consultation paper focused on:
The RTS on Liquidity Contracts
- The relevant requirements applying to those liquidity contracts are
set out in the body of the RTS while the actual contractual template
includes specific parameters and criteria to ensure compliance with MAR
requirements while allowing flexibility for investment firms and
issuers;
- The RTS maintain the obligation to open a liquidity account
dedicated to the contract and the limits to resources, as well as
conditions to be complied with for the trading activity of the liquidity
provider.
The ITS on Insider Lists
- The new template for insider lists, to be used by SMEs in
jurisdictions that opt for including in them all persons who have access
to inside information, only contains the minimum fields that are
necessary for supervisory purposes.
Due to the COVID-19 pandemic and reprioritisation within ESMA, the
draft RTS and ITS were submitted to the European Commission with a
slight delay. ESMA considered that the industry needed additional time
to concentrate on their daily operations, so we provided market
participants with a longer consultation period.
ESMA
© ESMA
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