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MAR

Updated MAR Q+A issued by ESMA

ESMA has released an updated Questions and Answers document on the Market Abuse Regulation, which can be found here. The document contains several updates, including an update to the clarification on who is a “Professional Person Arranging and Executing Transactions” (PPAET), which is covered by question 6.1 on page 11. The updated answer makes clear that non financial firms who trade on own account can be PPAETs, even if the activity comprises hedging. A PPAET is required to undertake “effective monitoring” under MAR as outlined in Article 16(2) of MAR and the Delegated Act.

New answers have been added on Market Soundings and Insider lists from page 22. The scope includes emissions allowance market participants. MiFID II defines EUAs as financial instruments, which will have an impact for some on the application of MAR.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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