Nowe Q&A ESMA dotyczące Market Abuse Regulation

Nowe Q&A ESMA dotyczące Market Abuse Regulation

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ESMA opublikowała nowe Q&A w sprawie rozporządzenia MAR. Odpowiedzi dotyczą Transakcji Managerów oraz Rekomendacji inwestycyjnych (link tutaj)

Q&A zawierają odpowiedzi na następujące pytania:

Managers’ transactions

***NEW*** Question 1 [last update 26 October 2016]: For transactions carried out under Article 19(1) of Regulation (EU) No 596/2014 of the European Parliament and of the council (MAR) in a currency which is not Euro (EUR), which exchange rate should be used to determine if the threshold set forth in Article 19(8) MAR of EUR 5 000 has been crossed?

Question 2 [last update 13 July 2016]: Does the «announcement» of the interim or year-end financial results determines the timing of the closed period referred to in Article 19(11) of Regulation (EU) No 596/2014 (MAR)?

Investment recommendation and information recommending or suggesting an investment strategy

***NEW*** Question 1 [last update 26 October 2016]: Do communications made orally or via electronic means such as telephone calls and “chat” functions, or communications labelled e.g. “morning notes” or “sales notes”, constitute an “investment recommendation” under MAR?

***NEW*** Question 2 [last update 26 October 2016]: Can communications that do not refer to either one or several financial instruments or issuers be considered investment recommendations under MAR?

***NEW*** Question 3 [last update 26 October 2016]: Would an investment firm which produces an investment recommendation be considered to fall within the scope of Article 3(1)(34)(i) of MAR, even though the production of such recommendation is not its main business?

***NEW*** Question 4 [last update 26 October 2016]: Does material intended for distribution channels or for the public concerning one or several financial instruments that contains statements indicating that the concerned financial instruments are “undervalued”, “fairly valued” or “overvalued” fall within the definition of “investment recommendation” under MAR?


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