… at least, not much! This week is a significant one for compliance and legal professionals in the financial services industry. ESMA has finally released 1,500 pages of draft regulatory standards covering trading, market abuse and the settlement of securities.
In the past few months, JWG has spent considerable time covering MiFID II, MAR and MAD2, in additional to a whole wealth of other regulations. In particular, CDMG has done some in-depth analysis on the new incoming market abuse framework. Included in the 1,500 pages are the draft technical standards on the Market Abuse Regulation.
To many, it will be of some relief that there appears to be little change in the 330-page document. Largely, it follows the same structure of the previous consultation paper, but with the additions of the topic relating to the notification and list of financial instruments in scope.
Throughout the document, it is obvious ESMA has tried to align MAR as much as possible with other regulations. This is emphasised in the one area noted above, where ESMA has sought to align reference data and details of financial instruments and the formats in which they are submitted under both MAR and MiFIR. However, there are still variances in reporting obligations, due to some distinct differences.
Overall, on first read, the draft technical standards for Market Abuse Regulation do not throw up any surprises. This may be very comforting to some, but to others only a little, as they trawl their way through and discover those differences and changes. Throughout the next few days more analysis will be undertaken, and all significant outcomes will be reported here on RegTechFS. So watch this space!