ESMA have today issued this consultation paper, which covers the lists of “inside information” relating to commodity derivatives and spot commodities, which must be published under MAR (Market Abuse Regulation).

MAR generally prohibits the use of Inside Information, and contains provisions as to the management of it. Article 7(5) of MAR requires ESMA to establish a “non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed“. This consultation paper is part of the process of establishing the list.

The rules of MAR will be in force from 3rd July 2016. After this date the prohibitions of MAR apply to all on venue activity, and related off venue activity in derivatives and spot commodities. In addition to the inside information and manipulation prohibitions, MAR has a wider effective monitoring requirement than REMIT. Market participants will need to consider how to comply with this requirement as well as the others under this regulation.