Erscheinung:03.04.2020 | Topic Market manipulation, Insider monitoring Corona-Virus
Market Abuse Regulation: allowance to be made for the current situation when fulfilling the reporting requirements
BaFin trusts that the parties subject to the reporting requirements under Article 16 (1) and (2) of the MAR (Market Abuse Regulation) have appropriate systems and procedures in place for monitoring market abuse in order for suspicious orders and transactions to be detected and reported to BaFin even in changed working and market conditions. The suspicious transaction and order reports (STORs) are to be made within a reasonable period of time, with account taken of both the impact from the coronavirus crisis as well as the circumstances underlying the case at hand.
In this period of very high market volatility and strong trading volumes, the systems can be expected to generate a high number of alerts. When assessing whether these alerts are actually triggered by a suspicious order or a suspicious transaction, the staff members performing the human analysis should take the exceptional market conditions into account. BaFin considers this analysis to be very important and requests the parties subject to the reporting requirements – also given the limited number of staff members that might be available to fulfil this task – to perform this analysis in what can be considered a reasonable period of time in the current circumstances. Moreover, submissions of STORs are only to be made if there is reasonable suspicion of a case of market abuse taking the exceptional market conditions into account.
Should you have any questions regarding the monitoring of market abuse during the coronavirus crisis, please do not hesitate to contact us at the e-mail address WA24@bafin.de.
