Jump to Content Jump to Main Navigation

Part B Commentary, 5 Administrative Measures and Sanctions, Art.33: Exchange of information with ESMA

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

Criminal proceedings — Enforcement — Market abuse — Market Abuse Directive (MAD) — Regulated activities — Statutory duty — European Securities and Markets Authority (ESMA)

This chapter considers the exchange of information with the European Securities and Markets Authority (ESMA). With a view to increasing transparency and enhancing ESMA’s oversight of the national sanctioning practices, Article 33 contains annual and immediate reporting obligations for national competent authorities with regard to sanctions, measures, and investigations imposed in accordance with Articles 30 to 32. First, the national competent authorities must annually provide ESMA with aggregated information regarding administrative and (if applicable) criminal investigations, sanctions, penalties, and other measures. Secondly, national competent authorities must notify ESMA whenever they publish administrative or criminal sanctions or other administrative measures. Finally, Article 33 mandates ESMA to draft implementing technical standards (ITS) to determine the procedures and forms for the exchange of information regarding administrative and criminal investigations, sanctions, penalties, and other measures.

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.