Scheda

The Consultation Paper presents a draft version of ESMA’s technical advice on the following point:

- in relation to the MAR: (i) a non-exhaustive list of final events or final circumstances in protracted processes and, for each event or circumstance, the moment when it is deemed to have occurred and is to be disclosed pursuant to the new Article 17(1) MAR; (ii) a non-exhaustive list of situations in which the inside information that the issuer or the emission allowance market participant intends to delay is in contrast with the latest public announcement or other type of communication by the issuer or emission allowance market participant on the same matter to which the inside information refers, as referred to in Article 17(4)(b) MAR; and (iii) trading venues with cross-border activity above 50%, along with their share turnover over the past four years, to help identify those that will be subject to the Cross Market Order Book Mechanism established by Article 25a MAR;

- in relation to MiFID II the technical advice relates to the delegated acts that the Commission should adopt regarding the requirements necessary for an MTF or a segment thereof to be registered as an SME growth market (SME GMs). The technical advice should ensure that these requirements maintain high levels of investor protection and confidence in SME GMs while minimising the administrative burdens for issuers on these markets.

ESMA will consider all feedback received in relation to this Consultation Paper by 13 of February 2025. A Final Report containing a summary of all consultation responses and a final version of ESMA’s technical advice is expected to be delivered to the European Commission and published on ESMA’s website in Q2 2025