ESMA’s ITS clarify how national competent authorities (NCAs) and ESMA should cooperate with each other as well as with other EU authorities, entities and public bodies in the field of market abuse.
Market abuse can take many forms and concern different markets at the same time. As markets’ integration is increasing further, smooth cooperation between authorities, entities and public bodies is paramount in order to track down on abusive behaviour. Therefore, ESMA’s ITS set out procedures and forms for NCAs and ESMA to facilitate those exchanges of information and assistance.
ESMA submits its ITS today for endorsement to the European Commission, which has three months to do so. Once fully implemented, these ITS will contribute to delivering a regulatory rule-book for securities markets.