ESMA Publishes Final Guidance on Inside Information for Commodity Derivatives Under MAR
On September 30, the European Securities and Markets Authority (ESMA) published a final report containing guidelines (Guidelines) on inside information and commodity derivatives under the EU Market Abuse Regulation (MAR). The Guidelines are issued under Article 7(5) of MAR and set out a non-exhaustive list of indicative information that is reasonably expected or required to be disclosed on commodity derivatives markets and/or spot markets. The Guidelines group the non-exhaustive indicative list of information into three categories: (1) information relating directly to commodity derivatives; (2) information relating indirectly to commodity derivatives without a related spot market; and (3) information directly relating to a spot commodity contract.
The Guidelines will apply two months after their translation into each official language of the European Union.