On June 17, the European Securities and Markets Authority (ESMA) issued an opinion (Opinion) in relation to implementing technical standards (ITS) on the public disclosure of inside information under the EU Market Abuse Regulation (MAR). The ITS were originally submitted to the European Commission (Commission) for approval in September 2015.

ESMA’s latest Opinion is in response to a letter from the Commission, dated May 25, 2016, in which the Commission requested certain amendments to the ITS. The Commission expressed its view that the ITS imposes a double disclosure requirement on emission allowances market participants (EAMPs) that are subject to both MAR and the EU regulation on wholesale energy market integrity and transparency (REMIT). Specifically, the Commission stated that the technical means for disclosure under REMIT should be considered sufficient for MAR disclosure purposes. The Commission argued that EAMPs should be able to use existing web-based disclosures, on the basis that they are also required to have “web feeds” in place under REMIT delegated legislation.

ESMA replied in its Opinion that it disagrees with the Commission’s conclusions and that the original wording of ITS submitted should be maintained.

A copy of the Opinion is available here and ESMA’s accompanying press release, here.

The Commission’s letter to ESMA requesting the ITS amendments is available here.