The EEA Market Abuse Regulation (MAR) regime replaced the previous EEA Market Abuse Directive (MAD) regime from 3 July 2016. It focuses on financial markets’ integrity - notably insider dealing, disclosure of inside information and market manipulation (including specific provisions on pre-sounding of investors and stabilisation of securities). It also provides for preventive measures such as prompt disclosure of inside information. Following the UK’s withdrawal from the EU, EEA MAR initially forms part of UK law by virtue of the European Union (Withdrawal) Act 2018.  The European authorities initiated in 2019 a review of EEA MAR. Certain materials relating to soundings and stabilisation are set out in the ICMA Primary Market Handbook.

ICMA sought to provide constructive feedback to the European Commission and ESMA during the ‘MAD to MAR’ legislative process and to assist industry in implementation and is continuing to do so regarding the EEA MAR review. See further coverage in the ICMA Quarterly Report, notably the following editions:

  • re. the current MAR review: 2020Q1 (at pp.36-37 / ICMA response to ESMA consultation) and 2020Q4 (at pp.36-37 / ESMA final report).
  • at Level 1: July 2009 (at p.9 / ICMA response to European Commission call for evidence), 2012Q1 (at p.35 / European Commission proposal), 2012Q4 (at p.34 / European Council Presidency compromise proposal), 2013Q1 (at p.31 / European Council general approach and European Parliament ECON report), and 2013Q4 (at pp.33-34 / European Parliament adopted text);
  • at Level 2: 2014Q1 (at p.25 / ESMA Discussion Paper), 2014Q2 (at pp.31-32 / ICMA response to ESMA Discussion Paper), 2015Q1 (at pp.36-38 / ESMA Consultation Paper and ICMA response), and 2016Q1 (at p.43 / ESMA Final Report);
  • implementation: 2016Q2 (at pp.17-18 / Potential practical implications), 2016Q3 at p.27 / Ongoing ICMA work), 2016Q4 (at pp.26-27 / Ongoing ICMA work and ESMA sounding guidelines for investors), 2017Q1 (at p.21 / Ongoing ICMA work) and 2017Q3 (at pp.24-25 / ICMA Q&A submission on soundings)

(For Hong Kong market soundings, see Primary Markets Conduct (non-MiFID) webpage)



Related documents - MAR:

13 March 2023
ICMA comments on EU Listing Act proposals

11 February 2022
ICMA response to European Commission targeted consultation on the Listing Act
(MAR aspects at pp.40-50)

8 October 2020
MAR review (from the ICMA Quarterly Report Fourth Quarter 2020)

30 June 2020
ICMA feedback to HLF CMU report (including comment on insider lists and inside information on p.5)

18 March 2020
ICMA response to EC consultation on an EU framework for markets in crypto-assets (security tokens)

29 November 2019
Content of ICMA response to ESMA MAR consultation

22 February 2018
ICMA response (private placement soundings) to European Commission consultation proportionate SME regulatory environment to support SME listing

14 November 2017
ICMA slides on MAR soundings

26 June 2017
ICMA Q&A submission on mandatory or optional status of MAR pre‐sounding procedures

27 April 2017
ICMA slides on MAR soundings

27 January 2017
ICMA slides on MAR soundings

13 December 2016
ICMA slides on MAR soundings

4 November 2016
ICMA slides on MAR soundings

22 June 2016
ICMA slides on MAR soundings, stabilisation and STORs

21 March 2016
Market Abuse Regulation: Investment Recommendations - an ICMA Q&A

15 October 2014
ICMA response to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation

27 January 2014
ICMA response to ESMA discussion paper – ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation


Related documents - MAD:

10 June 2009
BBA / ICMA Joint Response to European Commission call for evidence on the review of the Market Abuse Directive

9 January 2009
BBA / ICMA Joint Response to CESR Consultation PaperLevel 3: Third set of CESR guidance and information on the Common Operation of the Directive to the Market

30 September 2008
BBA / ICMA / LIBA Joint Response to CESR Consultation Paper Level 3 - Third Set of CESR Guidance and Information on the Common Operation of the Directive Market


7 May 2008
BBA response to HM Treasury Consultation Paper FSMA Market Abuse Regime: A review of the sunset clauses

3 December 2007
ICMA letter to CESR regarding stabilisation

5 February 2007
Joint BBA-ICMA response to CESR consultation on the Market Abuse Directive level 3 second set of guidance and information on the common operation of the Directive to the market

31 October 2006
ICMA Response to CESR Call for Evidence

12 December 2004
Response to CESR Concept Paper Annex 1

10 September 2004
Supporting Document to IPMA Response to UK Implementation of the Market Abuse Directive re Price Stabilising Rules

10 September 2004
Supporting Document to IPMA Response to UK Implementation of the Market Abuse Directive re Price Stabilising Rules

10 September 2004
IPMA Response to UK Implementation of the Market Abuse Directive re Price Stabilising Rules

22 April 2003
Amendments proposed by IPMA to Mr Karl Peter Repplinger

22 April 2003
Letter to Karl Peter Repplinger re Commission Working Document ESC 14/2003

28 February 2003
IPMA Letter to CESR re Market Abuse Mandates - Second Call for Evidence

27 September 2002
Letter to CESR re Stabilisation

27 September 2002
Letter to CESR re Stabilisation Annex 1




Contact:

Ruari Ewing
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee (PMPC) and related groups
Direct line: +44 20 7213 0313


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