Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

7 QUICK LINKS AIFMD (UK) CRYPTOASSETS DATA EMIR FINTECH FSB IOSCO MARKET ABUSE REGULATION MICA MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2025 MARKET ABUSE REGULATION ESMA Consults on Simplified Insider List Formats Under the Listing Act On 3 April 2025, the European Securities and Markets Authority (ESMA) launched a consultation paper proposing changes to the format for drawing up and updating insider lists, as part of the Listing Act amendments to the Market Abuse Regulation (MAR). The Listing Act mandates ESMA to review the Implementing Technical Standards (ITS) on insider lists to extend the simplified format - currently used by issuers on Small and Medium Enterprises (SME) Growth Market - to all issuers. ESMA says that the proposed changes aim at reducing the administrative burden on issuers required to draw up and maintain insider lists under MAR. The consultation will remain open until 3 June 2025. Based on the feedback received, ESMA will finalise the ITS and submit them to the European Commission in Q4 2025. Link to Consultation Paper here MICA ESMA Issues Supervisory Guidelines to Prevent Market Abuse Under MiCA On 29 April 2025, the European Securities and Markets Authority (ESMA) published guidelines on supervisory practices to prevent and detect market abuse under the Market in Crypto Assets Regulation (MiCA). Based on its experience under Market Abuse Regulation (MAR), ESMA says that the guidelines intended for National Competent Authorities (NCAs) include general principles for effective supervision and specific practices for detecting and preventing market abuse in crypto assets. They consider the unique features of crypto trading, such as its cross-border nature and the intensive use of social media. The guidelines set out general principles requiring supervisory activity to be risk-based and proportionate, and set the objective for NCAs to build a common supervisory culture specific for crypto assets through an open dialogue with the industry and interactions with other NCAs. ESMA says that the guidelines aim to support consistent and efficient supervisory practices among NCAs, ensuring a common supervisory culture for crypto assets. The Guidelines will be translated into all EU languages and published on ESMA’s website and will start applying three months after that date. However, ESMA recommends that NCAs already start implementing the principles included in the guidelines whilst waiting for the translations. Link to Guidelines here