The revised Market Practice reflects the remarks raised by ESMA after a public consultation process.

By Antonio Coletti, Marco Bonasso, and Isabella Porchia

Article 13 of MAR provides for an exemption from sanctions in case a transaction breaches the general prohibition of market manipulation for transactions carried out for legitimate reasons and in line with accepted market practices established by national competent authorities (in Italy, CONSOB).

New Practice No. 1 was prepared in accordance with the format set out under the Annex to the Delegated Regulation (EU) 908/2016.