argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - AMP - Negative Opinion

On May 31^st, 2021, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has expressed its negative opinion on a practice that was proposed by the French Autorité des Marchés Financiers which took the name of Accepted Market Practice (AMP). Specifically, ESMA observed that the proposed AMP, that was supposed to be in force from July 1^st, 2021 and replace the previous practice of January, 2021, is not compliant with the Market Abuse Regulation (MAR) and the subsequent legislation on the matter. Moreover, ESMA also affirmed that the new practice proposed by France is contrary to the principles that were expressed in ESMA’s 2017 Opinion on Points for Convergence. For what concerns this specific point, ESMA has highlighted several difficulties and mainly the absence of limits on positions and the presence of volume and resources limits which are much higher with reference to that recommended in the 2017 ESMA Opinion on Points for Convergence.