On October 5, the European Commission (the Commission) published the text of an Implementing Regulation, laying down Implementing Technical Standards (ITS) with regard to procedures and forms for an exchange of information and cooperation under Articles 24 and 25 of the Market Abuse Regulation (MAR) (the Implementing Regulation).

The key areas addressed by the Commission in the Implementing Regulation include:

  • requiring cooperation and exchanges of information between competent authorities, the European Securities and Markets Authority (ESMA), the Commission and other regulatory entities;
  • providing ESMA with up-to-date contact details from each specified body, which will be maintained and circulated;
  • permitting the use of electronic means to request information;
  • obligating the requesting body to provide specific details and clearly identify any issues relating to confidentiality; and
  • specifying procedures to be followed by ESMA and national regulatory authorities (NRA) for acknowledging, replying and processing pending requests and how to respond to unsolicited cooperation or exchange of information.

The relevant forms to be used by ESMA and NRA are set out in the Annexes to the Implementing Regulation.

The Implementing Regulation was adopted on October 2 and will take effect on October 27.

The Implementing Regulation is based on the draft ITS submitted by ESMA to the Commission in February 2018.

The Implementing Regulation is available here.