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Part B Commentary, 4 ESMA and Competent Authorities, Art.26: Cooperation with third countries

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 17 July 2024

Improper disclosure — Market abuse — Regulated activities — European Securities and Markets Authority (ESMA)

This chapter details provisions for the rules on the cooperation between competent authorities of the Member States and supervisory authorities of third countries. This is the function of Article 26. Accordingly, the Article’s first paragraph emphasizes that cooperation with authorities of third countries has to be based on a special agreement among the competent authority (of one Member State) and the supervisory authority of the third country. ESMA has to be informed about the plans to cooperate, whereby it is obliged to facilitate and coordinate the development of cooperation agreements (Article 26(2)). In addition, according to Article 26(3), cooperation agreements regarding the exchange of information may only be concluded if the information disclosed is subject to guarantees of professional secrecy.

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