On November 30, MFA and AIMA submitted a joint letter to ESMA on its consultation paper regarding the review of the Market Abuse Regulation. MFA and AIMA submitted a number of comments in response to the consultation paper, including our view that: (1) a change in the scope of MAR would not be the most effective way to address potential issues in the foreign exchange spot market; (2) ESMA should seek to promote more consistent application of the existing definition of inside information; and (3) ESMA should provide further clarity regarding whether information that is subject to a non-disclosure agreement would likely indicate that the information is inside information.
