EC consults on amending RTS on buy-back programmes and stabilisation measures under MAR

The European Commission (EC) has published a draft Delegated Regulation for a four-week feedback period, proposing amendments to the regulatory technical standards (RTS) laid down in Commission Delegated Regulation (EU) 2016/1052 regarding the conditions applicable to buy-back programmes and stabilisation measures. The amendments to the buy-back regime reflect changes introduced by the Listing Act (Regulation (EU) 2024/2809), which amended Article 5 of the Market Abuse Regulation (MAR) to simplify reporting and disclosure obligations for buy-back transactions. The amendments to the stabilisation regime were added in response to requests from certain national competent authorities.

The key changes are as follows:

• Issuers will be required to report buy-back transactions in respect of shares in aggregated form only, to the competent authority of the most relevant market in terms of liquidity, rather than to the competent authority of each trading venue on which the shares are admitted to trading or traded.
• Public disclosure of buy-back transactions in respect of shares will similarly be required in aggregated form, indicating the aggregated volume and the weighted average price per day and per trading venue, by no later than the end of the seventh daily market session following the date of execution.
• Separately, public disclosure and reporting of stabilisation transactions will also be required in aggregated form, indicating the aggregated volume and the weighted average price per day and per trading venue, replacing the current requirement to disclose the details of each stabilisation transaction. Public disclosure is required by the same deadline – the end of the seventh daily market session following the date of execution. Reporting will be required only to the competent authority of the most relevant market in terms of liquidity for each of the securities and instruments concerned, which must, upon request, forward the information to the competent authority of each trading venue on which the securities and associated instruments are admitted to trading and traded.

The deadline for feedback is 19 October. The amending Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.

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