On 21 November 2017, the European Securities and Markets Authority (ESMA) published a revised version of its Q&A on the implementation of the Market Abuse Regulation (MAR). The new Q&A document includes two new answers on managers' transactions, addressing in particular trading during "closed periods" by persons discharging managerial responsibilities (PDMRs) and detailing the types of transactions prohibited during such closed periods.

The updated ESMA MAR Q&A includes a new Question 11 on emission allowances and emission allowances market participants (EAMPs). The Q&A is concerned with the time period that should be used to calculate whether one of the emissions thresholds referred to in MAR Article 17.2 has been exceeded so as to bring the EAMP within MAR.

The updated Q&A can be found here:

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