On October 3, the European Securities and Markets Authority (ESMA) published a Consultation Paper (the Paper) as part of the on-going review of the Market Abuse Regulation (MAR).

In the Paper, ESMA is consulting on a wide range of issues, including:

  • The possible inclusion of spot foreign exchange contracts within the scope of MAR;
  • The definition and delayed disclosure of inside information in different cases;
  • The appropriateness of the trading prohibition and insider lists for persons discharging managerial responsibilities (PDMRs);
  • A possible cross-market order book surveillance framework;
  • Cum/ex and multiple withholding tax reclaim schemes; and
  • Cross-border enforcement of sanctions.

The deadline for comments on the Paper is November 29.

The Paper is available here.