E.U. ESMA Market Abuse FAQs

On 1 September, ESMA updated FAQ on scope financial instruments for market soundings.


  • Cover question 6.1 (market abuse), 9.1 (market soundings), 10.1, 10.2 (insider lists).
  • Notes that MAR does not cross refer to MiFID/UCITs so not limited to those categories.
  • Prevention of market abuse applies to all persons professional arranging transactions.
  • This can extend to non-financial firms if they have staff who execute their own orders.
  • Clarifies that MAR applies to not only issuer but also all persons acting on issuer behalf.
  • But that issuer remains responsible for drawing up and updating its own insider list.