Article 7(5) of the Market Abuse Regulation (MAR) provides that ESMA shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets.

To fulfil this mandate, ESMA issued the Consultation Paper on ESMA’s ‘guidelines on information expected or required to be disclosed on commodity derivatives markets or related spot markets under MAR’. The Consultation divides the information to be required into three categories: information relating directly to a commodity derivative; information relating indirectly to a commodity derivative; information relating directly to a spot commodity contract.

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