Changes from report parliamentary committee draft to plenary report

RemovedRegulation (EU) No 596/2014

Added(7) Article 7 is amended as follows:

RemovedArticle 2 – paragraph 1 – point 7 – point a, Article 19 – paragraph 9: deleted

Added(a) in paragraph 3, the following subparagraph is added:

RemovedThe threshold for reporting managers’ transactions should be harmonised across the EU for all issuers. There is no reason to have national divergences on this aspect, especially the power to raise this threshold, which could water down market surveillance and insider trading surveillance.

Added‘Without prejudice to the first subparagraph of this paragraph, the summary may present or summarise information in the form of charts, graphs or tables.’;

RemovedRegulation (EU) No 596/2014

Added(b) in paragraph 4, the introductory wording is replaced by the following:

RemovedArticle 2 – paragraph 1 – point 7 – point a a (new), Article 19 – paragraph 11 – subparagraph 1 a (new): (aa) in paragraph 11, the following subparagraph is added: / ‘This paragraph does not apply to transactions or trade activities that do not imply active investment decisions or active involvement by the person discharging managerial responsibilities, or result from external factors or third parties, or are transactions or trade activities, including the exercise of derivatives, based on predetermined terms.’

Added‘The summary shall be made up of the following four sections in the following order:’;

RemovedRegulation (EU) No 596/2014

Added(c) paragraph 5 is amended as follows:

RemovedArticle 2 – paragraph 1 – point 7– point b, Article 19 – paragraph 12 – point c: deleted

Added(i) in the first subparagraph, the introductory wording is replaced by the following:

RemovedRegulation (EU) No 596/2014

Added‘The section referred to in paragraph 4, point (a), shall contain the following information in the following order:’;

RemovedArticle 2 – paragraph 1 – point 10, Article 25a – paragraph 1 – subparagraph 1: Competent authorities supervising trading venues and systemic internalisers with a significant cross-border dimension shall, by ,,, [12 months from the date of entry into force of this Regulation], set up a mechanism to permit ongoing and timely exchange of order book data referred to in paragraph 2 and collected from those trading venues and systemic internalisers in accordance with Article 25 of Regulation (EU) No 600/2014 with respect to the instruments traded in such market. Competent authorities may delegate the set-up of the mechanism to ESMA.

Added(ii) in the second subparagraph:

RemovedRegulation (EU) No 596/2014

Added- the introductory wording is replaced by the following:

RemovedArticle 2 – paragraph 1 – point 10, Article 25a – paragraph 1 – subparagraph 2: Where a competent authority submits a request for data under paragraph 2, the requested competent authority shall provide that data from the relevant trading venue and systemic internaliser in a timely manner and not later than 1 calendar day from the date of the request. The request for ongoing data from a competent authority may be submitted for a specific set of instruments.

Added‘It shall contain the following warnings in the following order:’;

RemovedRegulation (EU) No 596/2014

Added- the following point is added:

RemovedArticle 2 – paragraph 1 – point 10, Article 25a – paragraph 2 – introductory part: 2. A competent authority may obtain order book data originating from a trading venue or a systematic internaliser that has a cross-border dimension when that competent authority is the competent authority of the most relevant market referred to in Article 26 of Regulation (EU) No 600/2014 for the following financial instruments:

Added‘(fa) where applicable, a notification that the company has identified environmental issues as a material risk factor in accordance with Article 16.’;

RemovedRegulation (EU) No 596/2014

Added(d) ▌paragraph 6 is amended as follows,

RemovedArticle 2 – paragraph 1 – point 10, Article 25a – paragraph 3 – subparagraph 1: A Member State may decide that its competent authority participates in the mechanism set up pursuant to paragraph 1 even if none of the trading venues and systematic internalisers under the supervision of such competent authority has a significant cross-border dimension. Such decision shall be communicated to ESMA which shall make it public on its website.

Added(i) the introductory sentence is replaced by the following:

RemovedRegulation (EU) No 596/2014

Added‘The section referred to in paragraph 4, point (b), shall contain the following information in the following order:’;

RemovedArticle 2 – paragraph 1 – point 10, Article 25a – paragraph 5: 5. The Commission is empowered to adopt delegated acts to establish a list of designated trading venues and systematic internalisers that have a significant cross-border dimension in the supervision of market abuse, by taking into account at least the market share of the trading venues and systematic internalisers on the instruments. The Commission shall review such list at least every 4 years.

Added(ii) in point (a), the following point is added:

RemovedThe monitoring of order book data is crucial for the supervision of markets by competent authorities. To enhance this monitoring and obtain a complete picture, competent authorities should also be able to access data from trading venues and systematic internalisers.

Added‘(vi) where the issuer is subject to Article 8 of Regulation (EU) 2020/852 of the European Parliament and Council*, information on the undertaking's activities that qualify as environmentally sustainable under Articles 3 and 9 of that Regulation.’;

RemovedRegulation (EU) No 596/2014

Added(iii) the following subparagraphs are added:

RemovedArticle 2 – paragraph 1 – point 16 – point a, Article 38 – paragraph 1 – introductory part: By ... [three years after entry into force of this Regulation], the Commission shall submit a report to the European Parliament and to the Council on the application of this Regulation, together with a legislative proposal to amend it if appropriate. That report shall assess, inter alia:;

AddedESMA shall develop draft regulatory technical standards to specify the content and format of presentation of the issuer’s taxonomy alignment in paragraph 6, point (a), point (vi) taking into account the various types of undertakings and issuers and ensuring that the information produced is comparable, concise and understandable.

RemovedThe Rapporteur adopts the approach across the Report that it is essential to be quick in dealing with CMU issues especially when updating the market with new rules and guidelines.

AddedESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months from the date of entry into force of this Regulation.