On 14 December 2016, Consob published two Communications about its determination to comply with the ESMA Guidelines on Market Abuse Regulation (“MAR”) dated 13 July 2016.
The first Communication (n. 0110351 of 14 December 2016) concerns ESMA Guidelines 2016/1477 on persons receiving market soundings (“Market Sounding Receivers” or “MSR”), which will become applicable in Italy as from 10 January 2017.
These Guidelines, in compliance with MAR, art. 11, par. 11, ESMA set out standards which MSRs should comply with in connection with the:
- Internal procedures and training on the management of the information received;
- Obligation to notify the decision not to receive market soundings;
- MSR’s assessment about inside information held as a result of the market sounding and the related financial instruments;
- Handling of any minutes or notes drafted during market soundings;
- Record keeping on durable means of the abovementioned information and materials.
The second Communication (n. 00110353 of 14 December 2016) concerns ESMA Guidelines 2016/1478 on the Delay in the disclosure of inside information.
In such Guidelines, the European authority gives some recommendations on:
- Identification of the interests of the issuer that allow it to delay the disclosure of inside information;
- Assessment of situations in which delay of disclosure of inside information is likely to mislead the public.
These Guidelines will become applicable as from 20 December 2016.
Please do not hesitate to contact us should you need any further clarification on the above and any other MAR related matters.
Contacts:
Vito Vittore
Senior Partner
Massimiliano Silvetti
Senior Partner
Elena Pagnoni
Of counsel
Luigi Bonifacio
Associate
