Market Abuse Rules/Guidance/Q&A

On 21 July 2019, the Central Bank (Investment Market Conduct) Rules (S.I. No. 366 of 2019) came into force.

The Central Bank (Investment Market Conduct) Rules are issued under Part 23 of the Companies Act 2014. Part 3 of the Central Bank (Investment Market Conduct) Rules sets out Market Abuse related requirements imposed by the Central Bank.

The Central Bank (Investment Market Conduct) Rules repeal the Market Abuse Rules previously issued by the Central Bank.

Guidance

Guidance on the "Market Abuse Regulatory Framework" is issued by the Central Bank of Ireland under Section 1370(7) of the Companies Act 2014.

The Central Bank of Ireland may publish further rules and/or guidance in respect of the Market Abuse Regulatory Framework in this section of its website.

Market Abuse Regulatory Framework Q&A

The Market Abuse Regulatory Framework Q&A sets out answers to queries that may arise in relation to the Market Abuse Regime which became applicable in Ireland on 3 July 2016. It is published in order to assist in limiting uncertainty. It is not relevant to assessing compliance with regulatory requirements.

You should check the website from time to time in relation to any matter of importance to you to see if the position has altered.

On 12 September 2016, the Central Bank published the First Edition of the Market Abuse Regulatory Framework Q&A | pdf 747KB.

ESMA Guidelines

The European Securities and Markets Authority (ESMA) has been tasked with issuing Guidelines in respect of a number of areas relating to MAR.

• MAR Guidelines on persons receiving market soundings (ESMA/2016/1477)
• MAR Guidelines on delay in the disclosure of inside information (ESMA/2016/1478)
• MAR Guidelines on information relating to commodity derivatives markets or related spot markets for the purpose of the definition of inside information on commodity derivatives (ESMA/2016/1480)

The "ESMA Guidelines on Alternative Performance Measures" (the APM Guidelines) (Reference: ESMA/2015/1415) are aimed at promoting the usefulness and transparency of Alternative Performance Measures (APM) included in prospectuses or regulated information. The APM Guidelines apply to APMs disclosed by issuers or persons responsible for the prospectus when publishing regulated information or prospectuses on or after 3 July 2016

ESMA publications, including Q & A on the Market Abuse Regulation can be accessed on the European Securities and Markets Authority.

Industry Communication - January 2020

The Central Bank of Ireland has issued a second industry communication in relation to securities market conduct risk, which provides an overview of the key findings from the Central Bank’s 2019 market conduct supervisory work. It also sets out areas where regulated entities and issuers should improve their organisational arrangements for managing market conduct and market integrity risk and includes further expectations for regulated entities and issuers (building on the March 2019 industry communication). Finally, the letter also outlines areas of focus for Central Bank market conduct supervisors in 2020.

Read the Industry Communication from March 2019.