Part B Commentary, 4 ESMA and Competent Authorities
Marco Ventoruzzo, Sebastian Mock
Edited By: Marco Ventoruzzo, Sebastian Mock
This chapter considers Article 22. This Article has two main intentions: on the one hand, it obliges the Member States to designate a single administrative authority responsible for the implementation of the Market Abuse Regulation (MAR), and to inform the Commission, the European Securities and Markets Authority (ESMA), and the authorities of the other Member States about this decision. On the other hand, this provision determines the jurisdiction of each national administrative authority, especially when it comes to cross-border cases. Article 22 thus contains the obligation for each Member State to establish an administrative authority for the purposes of the Market Abuse Regulation. Unlike other provisions of the MAR, however, Article 22 is not directly applicable.