The European Securities and Markets Authority (ESMA) has launched a consultation process that also addresses specific issues for the emission allowance market. This consultation process takes place within the context of the implementation of the Market Abuse Regulation (MAR) and follows other ongoing consultations for the implementation of the new Markets in Financial Instruments Directive and Regulation (MiFID/R).
ESMA launched the consultation on the following paper:
As the new MiFID/R classifies emission allowances as a financial instrument, the consultations on the following papers are also of relevance for emission allowances as well as their derivatives:
Furthermore, ESMA will prepare appropriate draft regulatory technical standards in relation to the post-trade infrastructure for the financial markets, including the Central Securities Depositories Regulation, and issue consultation papers on them.
The Commission invites all carbon market participants to provide their views on these and other forthcoming consultations to ensure that they are taken into due account in the final proposals.
Further consultations will be published in due course on ESMA's website.