The European Securities and Markets Authority has updated its question-and-answer document regarding the implementation of the Market Abuse Regulation (MAR) and the European Market Infrastructure Regulation (EMIR).

New questions pertain to trading during closed periods/prohibition of insider dealing, looking at how permission to trade in a closed period, which may be granted in certain circumstances to persons discharging managerial responsibilities (PDMRs) in accordance with Article 19(12) of MAR, should be considered in the context of Article 14 of MAR; and types of transaction by PDMRs prohibited during closed periods, where it says that types of prohibited 'transaction' by a PDMR are the same as those types tbat are subject to the notification requirements set out under article 18(1) of MAR.

ESMA has also updated its Q&A to do with EMIR. Answer 24, which in the case of FX swaps and cross-currency swaps, where multiple exchanges of currencies take place, asks which point in time is relevant for the determination of the buyer and seller, states that for both types of products the relevant point should be the far leg, which is closer to the maturity date.