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.