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.
