The Commercial Mortgage Securities Association Europe (CMSA-Europe) and the European Securitization Forum (ESF) released market guidelines to help CMBS and ABS market participants in complying with the European Commission's Market Abuse Directive (MAD) requirements for assessment and disclosure of inside information in transaction post-issuance reporting.

The MAD is a minimum harmonization directive that seeks to ensure the integrity of the European capital markets and encourage public confidence in the trading of securities and derivatives by preventing, detecting, investigating and sanctioning against market abuse. It requires issuers to disclose to the public promptly and in a synchronized fashion any information that might impact the price of listed securities. The purpose of the guidelines is to recommend best practices to a variety of market participants involved in arranging, advising on, implementing and investing in CMBS and ABS as well as how to implement MAD disclosure requirements.

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