How has the Securities and Markets Stakeholders Group at ESMA responded?
The Securities and Markets Stakeholders Group at ESMA has granted small changes following initial responses to the consultation. This is however part of an ongoing revision by ESMA and the next update is expected in mid 2020.
The changes granted are as follows:
- Companies on an SME Growth Market only have to include on their insider lists those persons who, due to the nature of their function or position within the issuer, have regular access to inside information. However, member states may, where justified by specific national market integrity concerns, require issuers to include in their insider lists all persons who have access to inside information.
- Persons Discharging Managerial Responsibilities (PDMR) notification: issuers were granted two extra business days to verify accuracy; however, the requirements to keep PDMR lists remains and this is unlikely to be changed by the more substantial MAR revision.
- Issuers on the SME Growth Market will not be required to notify the national competent authority providing they can justify the decision for any disclosure delay.
These measures will apply to companies listed on SME growth markets, irrespective of whether they are actually an SME. The changes are minor however should make it easier for entities to comply with MAR while remaining transparent and maintaining high compliance standards.