ESMA publishes a negative opinion on an accepted market practice on liquidity contracts proposed by the French AMF

On 13th April 2018, the European Securities and Markets Authority (ESMA) published an opinion on the Accepted Market Practice (AMP) notified by the French Autorité des Marchés Financiers (AMF), which replaces the AMP under the Market Abuse Directive (MAD) established in March 2005.

Following the publication by ESMA of the negative opinion, the AMF is expected to make a final decision on the AMP in the near future. According to MAR, in case a national competent authority establishes an AMP contrary to the opinion of ESMA, it shall publish on its website a notice setting out in full its reasons for doing so, including why the AMP does not threaten market confidence.