Scheda

ESMA issued an Opinion in response to the Commission's proposed amendments to the RTS on buy-back programmes and stabilisation measures, received on 24 July 2026.

In February 2026, ESMA submitted to the Commission a draft RTS amending CDR 2016/1052 to reflect the changes introduced by the Listing Act to the buy-back regime under Article 5 of MAR. As the Listing Act did not amend the MAR framework applicable to stabilisation measures, ESMA's draft RTS did not propose any changes to the corresponding provisions of CDR  2016/1052.

The Commission now proposes introducing similar reporting and public disclosure arrangements for stabilisation transactions as those suggested for buy-back transactions in the ESMA draft RTS. In particular, the proposed amendments provide for the reporting and public disclosure of stabilisation transactions in an aggregated form, i.e. indicating the aggregated volume and weighted average price per day and per trading venue, and for the centralisation of reporting to the competent authority of Most Relevant Market in Terms of Liquidity as referred to in Article 26(1) of MiFIR .

In ESMA's view, they would contribute to maintaining a consistent approach to the reporting and public disclosure of buy-back and stabilisation transactions and support the objective of reducing administrative burden for entities undertaking stabilisation measures, while preserving the ability of competent authorities to monitor trading activity. Accordingly, ESMA supports the amendments proposed by the Commission