SCANNING 2

10 September 2013 and signed by the European Parliament and Council on 16 April 2014.

MAR aims to update and to strengthen the existing framework to ensure market integrity and inves- tor protection as provided for by the Market Abuse Directive. What’s in there? On 28 May 2014, the European Commission re- quested advice from ESMA on MAR implementing acts. In particular, ESMA is invited to provide technical advice on the specification of procedures to enable reporting of actual or potential infringements of MAR to competent authorities, including arrangements for reporting and for following up reports, and measures for the protection of persons working under a con- tract of employment and measures for the protection of personal data (Article 32-5 MAR). What’s next? Eight months after entry into force of the Regu- lation ESMA shall provide the requested technical advice on the implementing acts. The implementing acts will be adopted 17 months after entry into force of the Regulation. They will be published no later than 23 months after entry into force of the Regulation and will enter into force 20 days later. MAD II/MAR published in the EU Official Journal Background On 20 October 2011, the Commission adopts proposals for a Regulation on insider dealing and market manipulation (market abuse), and for a Directive on criminal sanctions for insider dealing and market manipulation. On 4 February 2014 the European Parliament en- dorses the Commission’s proposal for a Directive on criminal sanctions for market abuse. The Regulation was adopted by the Europe- an Parliament on 10 September 2013 and signed by the European Parliament and Council on 16 April 2014. THE MANDATE SENT TO ESMA IS AVAILABLE HERE.

funds. Article 22(3) of that Regulation also requires the competent authority of the home Member State inform the competent authorities of the host Mem- ber States of the removal of a manager of a EuSEF from the register. The Regulation applies from 22 July 2013. What’s in there? The Implementing Regulation No 594/2014 of 03 June 2014 determines the format for notification among competent authorities and to ESMA of the supervisory information relating to the events provided for Articles 17(1) and 22(3) of EuSEF Regulation. « Notification shall be given to ESMA and the competent authorities of the Member States by sending an email with a filled form set out as an Annex to the Implementing Regulation. « Each competent authority shall communicate to ESMA the relevant e-mail address for notifica- tion of supervisory information. « ESMA shall make known to all competent au- thorities the list of relevant e-mail addresses, including the relevant e-mail address of ESMA. What’s next? The Implementing Regulation entered into force on 7 June 2014. The format of notification of EuVCA Background The European venture capital funds (EuVCA) Regula- tion No . 345/2013 of 17 April 2013 fully applies since 22 July 2013. THE REGULATION IS AVAILABLE HERE.

Commission Implementing Regulation (EU) No 593/2014 of 3 June 2014 laying down implement- ing technical standards with regard to the format of the notification according to Article 16(1) of Reg- ulation (EU) No 345/2013. The format of notification upon which the Commis- sion has decided, after Advice from ESMA and the ESMA Securities and Markets Stakeholder Group, is e-mail. Such email shall follow the form set out in the annex of the regulation. Each Member State will have to send relevant e-mail addresses to ESMA and ESMA will then draw up a list of e-mail addresses that will be dis- tributed to the Member States. What’s next? The competent authorities will send lists of relevant e-mail addresses to ESMA. ESMA will issue a con- solidated list of relevant e-mail addresses. European Commission requested ESMA advice on MAR implementing acts Background On 20 October 2011, the European Commission published its proposal for a Regulation on insider dealing and market manipulation (MAR). On 24 June 2013, the Commission, Parliament and Council reached a compromise in trilogue. MAR was adopted by the European Parliament on THE TEXT OF THE IMPLEMENTING REGULATION IS AVAILABLE HERE.

What’s in there? On 4 June 2014, the Commission adopted the

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