FESE Response to the ESMA consultation on MAR and MiFID

Overall, FESE’s response emphasises the need for clarity, practicality, and reduced regulatory burdens, particularly for SMEs, while ensuring that disclosure requirements are aligned with the legal framework and market realities. The response addresses several key areas and offers high-level suggestions:

• Protracted Processes: FESE agrees with the definition provided by ESMA but highlights ambiguities regarding the issuer’s control over the steps in these processes.
• Governance Structures: FESE questions the timing of disclosure in governance structures requiring supervisory board approval and suggests that ESMA reconsider its position.
• Delayed Disclosure: FESE notes that the interpretation of delayed disclosure against multiple announcements is not aligned with the revised Article 17(4)(b) of MAR and seeks clarification from ESMA.
• SME Growth Markets: FESE supports the designation of a separate MIC-code for SME Growth Markets to ensure proper separation and tailored regulation.