Short Reads




26.07.2017 NL law

On 6 July 2017, the European Securities and Markets Authority (“ESMA”) released the sixth version of its questions and answers (the “Q&A”) on the Market Abuse Regulation (No. 596/2014) (“MAR”).

ESMA’s update to the Q&A addresses Article 3(1)(26)(d) of MAR, which states that a “closely associated person” includes “a legal person, trust or partnership, the managerial responsibilities of which are discharged” by a person discharging managerial responsibilities (“PDMRs”). ESMA clarified that the reference to “the managerial responsibilities of which are discharged” should be read to cover those cases where a PDMR of an issuer (or a closely associated natural person) takes part in or influences the decisions of another legal person, trust or partnership to carry out transactions in financial instruments of the issuer.

ESMA provides an illustrative example on this point: where a person sits on the administrative, management or supervisory body of an issuer and also on the board of another legal entity where he or she exercises executive or non-executive functions, but without taking part or influencing the decisions of that legal entity to carry out transactions in financial instruments of the issuer, such person should not be considered to be discharging managerial responsibilities within that legal entity for purposes of Article 3(1)(26)(d) of MAR. Accordingly, that legal entity should not be subject to the notification obligations under Article 19(1) of MAR unless it is directly or indirectly controlled by, is set up for the benefit of, or its economic interests are substantially equivalent to those of that person


Related news

22.02.2019 BE law
Lost your passport - How a hard Brexit will affect UK financial institutions’ access to the Belgian financial market

Articles - FSMA gives local guidance - Belgian legislature prepares contingency measures The UK is due to leave the European Union on 29 March 2019. Unless specific arrangements granting the UK at least a temporary status quo will be adopted before 29 March 2019, the UK financial industry will be considered third-country entities and will therefore be seriously restricted in carrying on their activities in the EEA, including Belgium.

Read more

12.03.2019 LU law
Entry into force of the RBE Regulation and update

Articles - The Grand-Ducal Regulation of 15 February 2019 on the registration, payment of administrative fees and access to information recorded in the register of beneficial owners (the “RBE Regulation”) entered into force on 1 March 2019 and depicts the practical aspects of the Law of 13 January 2019 establishing a beneficial owner register (the “RBE Law”). Another document, the LBR Circular 19/01 (the “Circular”) issued by the Luxembourg Business Registers on 25 February 2019  further describes the new register of beneficial owners (the “RBE”) with the aim of helping users. 

Read more

Our website uses functional cookies for the functioning of the website and analytic cookies that enable us to generate aggregated visitor data. We also use other cookies, such as third party tracking cookies - please indicate whether you agree to the use of these other cookies:

Privacy – en cookieverklaring