This blog post was originally published in ISS magazine.
The European Securities and Markets Authority (ESMA) recently issued a discussion paper (14 November 2013, ESMA/2013/1649) on the possible implementation measures, or interpretation of, the market abuse regulation (MAR) proposed by the EU Commission in October 2011, later amended in July 2012. The regulation is scheduled to take effect in 2015, but this date looks uncertain, as it is tied to MiFID/MiFIR time tables and the associated required political agreements.
So why look at this now? Why should a stressed-out compliance department and legal resources put their heads together and give ESMA feedback on something that is subject to change and will take effect on EU level one – a year from now, with an added delay while ESMA and local regulators drafts technical notes and national laws, before the changes make a real impact on the daily lives of the compliance officer?
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