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ESMA is going too far with regard to the notification of managers' transactions
This position paper on ESMA's draft technical advice on the Market Abuse Regulation raises the concern that the notifications of managers' transactions will likely create misleading signals. According to ESMA's proposal transactions will have to be notified even if the manager has no discretion as to whether the purchase/sale of the share will take place. From Deutsches Aktieninstitut's point of view the notification of such 'passive transactions' would clearly contradict the regulatory objective.
Position papers
European financial market supervision
Contact
Dr. Gerrit Fey
Head of Capital Markets Department
Tel. +49 69 92915-41
fey(at)dai.de