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» New MAR obligations for participants in emissions trading «

From 3 January 2018, the European Market Abuse Regulation (EU 596/2014) will also apply to
Participant in emissions trading. The European Energy Exchange (EEX) and the EQS Group join forces to make the trading participants the duty as easy as possible.

» When does MAR become effective? «

By virtue of MiFID / MiFIR, the MAR obligations will also apply to participants in the market for emission allowances from 3 January 2018, pursuant to Art. 17 MAR.

» What is the aim of MAR? «

It is intended to create a common level of transparency and investor protection in the capital markets of all member states of the European Union.

» To whom does MAR apply? «

In addition to issuers in regulated markets (eg Prime Standard and General Standard in Frankfurt) as well as OTC and bond issuers across the EU, the obligations from 3 January 2018 also apply to market participants for emission allowances, auction platforms, auctioneers and auction supervision. This concerns operators of aviation activities or installations whose emissions have a minimum carbon dioxide equivalent threshold of 6 million tonnes per year or, if incinerated, their thermal rating exceeding the minimum threshold of 2,430 MW.

» Save time. Save money. «

» What will change? «

» Stricter disclosure obligations «

Particularly Art. 17 MAR – Market Abuse Regulation
An emission allowance market participant shall publicly, effectively and in a timely manner disclose inside information concerning emission allowances which it holds in respect of its business, including aviation activities […] or machinery […].   With regard to machinery, such disclosure shall include information relevant to the capacity and utilisation of installations, including planned or unplanned unavailability of such installations.

Participants in the market for emission allowances affected by Article 17 (2) MAR are to a large extent energy-intensive companies, which are already obliged to disclose insider information according to REMIT. Insider information within the meaning of the MAR is often also relevant to REMIT. The publication of insider information in regards to both directives - REMIT and MAR - on a central information platform, such as the EEX transparency platform, is therefore to be regarded as particularly effective.

Click here for the EEX TRANSPARENCY PLATFORM.

» Managers’ transactions «

Particularly Art. 19 MAR
Persons executing managerial responsibilities (PDMR) and persons closely associated with them (e.g. spouses) must notify the issuer of relevant personal transactions they undertake in the issuer’s financial instruments. The obligation to disclose managers‘ transactions is now extended to financial instruments traded on an MTF or OTF. A reduced notification period of three business days is also imperative; the disclosure requirement also includes trading with derivatives and debt securities. An announcement by the issuer has to be distributed throughout Europe, sent to the financial authority and stored in the OAM. Managers’ transactions announcements now also have to contain the Legal Entity Identifier (LEI code) of the issuer. In addition, issuers must draw up a list including all persons bound by Directors’ Dealings (including closely associated persons).

» EQS Management of insider registers «

Insider Manager
Issuers and everyone acting on their behalf (e.g. law firms) are obligated to draw up insider lists. The lists must include every person who has temporary or permanent access to insider information. The list must be constantly updated and the insiders must be officially informed about their obligations.

Click here for the  EQS INSIDER MANAGER.

» Our hassle free packages for participants in emissions trading «

» MAR "emission package" Basic «

Disclosure obligations
  • Unlimited dissemination of
    Inside information
  • Dissemination of up to 8 Managers' Transaction disclosures per year
  • Two RSA SecurID Token
Insider lists
  • Single license for the usage of the INSIDER MANAGER
  • Automatic generation and dispatch of letters of instruction (incl. standard template)
Directors' list
  • Managing the required Directors' list directly in the COCKPIT system
  • Required instruction letters (DE+EN) included

» MAR "emission package" Best Practice «

Disclosure obligations
  • Unlimited dissemination ofInside information
  • Dissemination of up to 12 Managers' Transaction disclosures per year
  • Two RSA SecurID Token
Insider lists
  • Corporate license for the usage of the INSIDER MANAGER
  • Addictional feature Data Editor
  • Access for up to 3 users
  • Automatic generation and dispatch of letters of instruction (incl. standard template)
Directors' list
  • Managing the required Directors' list directly in the COCKPIT system
  • Required instruction letters (DE+EN) included

» MAR "emission package" Best in Class «

Disclosure obligations
  • Unlimited dissemination ofInside information
  • Dissemination of up to 20 Managers' Transaction disclosures per year
  • Two RSA SecurID Token
Insider lists
  • Corporate license for the usage of the INSIDER MANAGER
  • Addictional feature Data Editor
  • Access for up to 5 users
  • Automatic generation and dispatch of letters of instruction (incl. standard template)
Directors' list
  • Managing the required Directors' list directly in the COCKPIT system
  • Required instruction letters (DE+EN) included

» Minimize risks. «

» Sanctions «

As well as the new obligations, you should also be aware of a drastic tightening of sanctions and penalties. For example, market manipulation is no longer the only criminal offence. Simply attempting such a market manipulation is also considered as a crime. Also the sanctions for violating the disclosure requirements and insider law have been considerably tightened up.                
               
Another dissuasive effect is also being created in the form of the “naming and shaming” practice: in the future, all sanctions together with the offence and identity of the person in question will be published on the website of the responsible national authority for 5 years. In parallel with the application of MAR, the sanctioning will be integrated into member state legislation by means of a separate EU Directive.

Violation of…
Market manipulation or insider law
Penalties for natural persons
Up to € 5m
Penalties for juristic persons
Up to € 15m / 15 % of corporate revenue
Verstöße gegen…
Disclosure obligations regarding insider information
Strafe für natürliche Personen
Up to € 1m
Strafe für juristische Personen
Up to € 2.5m / 2 % of corporate revenue
Verstöße gegen…
Obligations covering insider lists, Directors' Dealings and closed periods for executives
Strafe für natürliche Personen

Up to € 0.5m
Strafe für juristische Personen
Up to € 1m

» Carefree despite market abuse law: your advantages «

We want you, as a participant in the emissions trade, to have an as simple as possible market access . For this reason, EEX and EQS Group offer a joint reporting package with which traders can optimally cover all new obligations. Benefit from our expertise and ensure MAR compliance from 3 January 2018 comfortably.

Certified processes and IT infrastructure: EQS as the only approved "Regulatory Information Service" in German-speaking countries

Maximum security: system login and message sharing with an RSA-SecurID-Token

Greatest experience: EQS active as a service provider for 16 years, 2.300 listed customers, all Prime Standard IPOs since 2008

Optimal accessibility: Newsroom team available on every trading day from 7 am - 11 pm, in addition 24/7 hotline

Competent customer support with CIRO qualification

Largest distribution rate: DGAP is a former subsidiary of Deutsche Börse, Thomson Reuters and vwd and has an excellent network of partners

High perception of DGAP notices by capital market participants

Active distribution of information to relevant media through RSS feed and push service

» Many companies rely on our proven compliance solutions «

RWE
eon
Nordex
Innogy
2G Energy
PNE Wind
ProSieben
Allianz
Caleido Group
coface
Continental
Fresenius
Linde Group
SAS
s three

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