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September 27, 2017

ESMA published an opinion on the accepted market practice (AMP) on liquidity contracts. This AMP was notified by the Comissão do mercado de valores mobiliários (CMVM) of Portugal. The opinion replaces the AMP under the Market Abuse Directive established in August 2008. The AMP refers to liquidity contracts by which a credit institution or an investment firm (financial intermediary) quotes in the Portuguese equity market on behalf of the issuer, with a view to enhancing the liquidity of a share and its regular trading.

ESMA considers that the proposed AMP on liquidity contracts is compatible with Market Abuse Regulation, or MAR, and with its technical standard on AMPs, and contains various mechanisms to limit the threat to market confidence. This would ultimately benefit investors, as the likelihood of finding a counterparty for entering or exiting a position in that share would increase. This practice is available to all issuers who have requested admission to trading or approved the trading of their shares on a Portuguese market. ESMA notes that the proposed AMP incorporates all the conditions and limits set out in its opinion on liquidity contracts issued in April 2017.

 

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Keywords: Europe, Securities, AMP, MAR, Liquidity Contracts, CMVM, ESMA

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