Short Reads

ESMA MAR Q&A

ESMA MAR Q&A

ESMA MAR Q&A

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

Team

Related news

17.01.2020 LU law
Stibbe boosts service offering in Luxembourg with new partners and counsel for asset management/funds and corporate & finance

Inside Stibbe - Luxembourg, 17 January 2020 – Stibbe reinforces its corporate & finance and asset management/funds practices in Luxembourg with the hire of Bernard Beerens (corporate partner), Audrey Jarreton (banking and finance counsel), Edouard d’Anterroches (investment funds partner), Victorien Hémery (investment funds partner), and Dayana Bert (investment funds counsel). Their arrival comes after the recent hire of tax partner Johan Léonard. All of these new additions demonstrate the firm’s commitment to expanding Stibbe’s service offering in Luxembourg.

Read more

26.11.2019 NL law
Implementatiewet SRD II gepubliceerd in het Staatsblad: inwerkingtredingsdatum nog niet bekend

Short Reads - Vandaag is de Wet tot implementatie van de Herziene aandeelhoudersrechtenrichtlijn (“SRD II”) (“Implementatiewet”) in het Staatsblad gepubliceerd. SRD II beoogt effectieve en duurzame aandeelhoudersbetrokkenheid bij beursgenoteerde vennootschappen te bevorderen. De Implementatiewet introduceert nieuwe regels op het gebied van bezoldiging van bestuurders en commissarissen, related party transactions, identificatie van aandeelhouders, doorgifte van informatie in de keten en facilitering van (stem)rechten.

Read more

17.01.2020 LU law
Stibbe Luxembourg étend son offre de services par la venue de nouveaux associés et counsels au sein des pratiques spécialisées en gestion d’actifs/fonds d’investissement, en droit des sociétés ainsi qu’en droit financier

Inside Stibbe - Luxembourg, le 17 janvier 2020 – Stibbe renforce ses pratiques spécialisées en droit des sociétés, en droit financier ainsi qu’en gestion d’actifs/fonds d’investissement par la venue de Bernard Beerens (associé, droit des sociétés), Audrey Jarreton (counsel, droit bancaire et financier), Edouard d’Anterroches (associé, fonds d’investissement), Victorien Hémery (associé, fonds d’investissement) et Dayana Bert (counsel, fonds d’investissement).

Read more

08.11.2019 BE law
Interview with Wouter Ghijsels on Next Gen lawyers

Articles - Stibbe’s managing partner Wouter Ghijsels shares his insights on the next generation of lawyers and the future of the legal profession at the occasion of the Leaders Meeting Paris where Belgian business leaders, politicians and inspiring people from the cultural and academic world will discuss this year's central theme "The Next Gen".

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