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Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On May 30, 2016 the European Securities and Markets Authority (ESMA) published a new Q&A, which provides responses to questions posed by the general public and competent authorities in relation to the practical application of the Market Abuse Regulation (MAR) framework. The Q&A is aimed at competent authorities to ensure that their supervisory activities and their actions are converging along the lines of the responses adopted by ESMA and at helping issuers, investors and other market participants by providing clarity on the content of the market abuse rules.
The Q&A currently includes one question which clarifies the scope of firms subject to the provision in Article 16(2) of MAR requiring them to detect and report suspicious orders and transactions. ESMA confirms that this requirement applies broadly and “persons professionally arranging or executing transactions” will include buy side firms such as UCITS management companies, alternative investment fund managers (AIFMs) and firms professionally engaged in trading on own account.
The Q&A will be updated where relevant as and when new questions or issues arise.
On May 31, 2016, the European Commission published additional non-binding Q&A on the implementation of the new statutory audit framework which will apply from June 17, 2016. These Q&A are in addition to those published in September 2014 and February 2016.
The Q&A discuss the following:
IMO 2020 is almost upon us. Readers are well aware of the impending switch to 0.5 percent fuel mandated by Annex VI of MARPOL which will cause an anticipated drop in HSFO demand, the potential hazards of new untested LSFO blends, the concerns around scrubber operations, the debate over open loop versus closed loop, and the myriad of other risks associated with the impending regulatory change.