Implementing regulation 2016/959 - Implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation 596/2014 - Main contents
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Commission Implementing Regulation (EU) 2016/959 of 17 May 2016 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council| Legal instrument | Implementing regulation |
|---|---|
| Number legal act | Implementing regulation 2016/959 |
| CELEX number i | 32016R0959 |
| Document | 17-05-2016; Date of adoption |
|---|---|
| Publication in Official Journal | 17-06-2016; OJ L 160 p. 23-28 |
| Effect | 18-06-2016; Entry into force Date pub. +1 See Art 5 03-07-2016; Application See Art 5 |
| End of validity | 31-12-9999 |
17.6.2016 |
EN |
Official Journal of the European Union |
L 160/23 |
COMMISSION IMPLEMENTING REGULATION (EU) 2016/959
of 17 May 2016
laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (1), and in particular the third subparagraph of Article 11(10) thereof,
Whereas:
(1) |
Disclosing market participants are to keep records of the communications of information taking place for the purposes of the market soundings between themselves and all persons receiving the market soundings. Such records should assist disclosing market participants in providing evidence of proper conduct to the competent authorities, in particular where the nature of the information changes after the market sounding or where the competent authority needs to review the process of categorisation of the information. To that end, all such records should be kept in an electronic format. |
(2) |
To ensure that the information communicated is consistently recorded also where market soundings take place during unrecorded meetings or telephone conversations, a uniform template should be drawn up for the written minutes or notes to be taken by the disclosing market participant of those meetings and conversations. |
(3) |
To ensure that the information communicated is consistently recorded, disclosing market participants should keep records of the written communications to inform the persons who received the market soundings when the information disclosed in the course of the market sounding has ceased to be inside information. |
(4) |
This Regulation is based on the draft implementing technical standards submitted by the European Securities and Markets Authority to the Commission. |
(5) |
The European Securities and Markets Authority has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (2). |
(6) |
In order to ensure the smooth functioning of the financial markets, it is necessary that this Regulation enters into force as a matter of urgency and that the provisions laid down in this Regulation apply from the same date as those laid down in Regulation (EU) No 596/2014, |
HAS ADOPTED THIS REGULATION:
Article 1
Electronic format for the records
All the records referred to in Article 6 of Commission Delegated Regulation (EU) 2016/960 (3) shall be kept in an electronic format.
Article 2
Format for the record keeping of the written minutes or notes
Disclosing market participants shall draw up the written minutes or notes referred to in Article 6(2)(d) of Delegated Regulation (EU) 2016/960 in an electronic format using:
(a) |
the template set out in Annex I where disclosing market participants consider that the market sounding involves the disclosure of inside information; |
(b) |
the template set out in Annex II where disclosing market participants consider that the market sounding does not involve the disclosure of inside... |
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