Research-grade issuer and instrument metadata for MAR scope analysis.

Regulation (EU) No 596/2014 sets rules intended to protect market integrity across EU financial markets. Article 17 is especially relevant here because it concerns the public disclosure of inside information by issuers.

Regulation (EU) No 596/2014 on EUR-Lex ESMA MiFIR/MAR reference data

The database uses ESMA FIRDS instrument and venue reference data to identify firms and issuers that currently appear to be subject to MAR Article 17 disclosure obligations. It turns instrument-level records into an issuer-level overview, separating strictly identified stock and bond issuers from review and excluded cases.

The result is a research-oriented map of current Article 17 issuer scope: who the issuer is, which stock or bond instruments support the classification, which OAM/competent-authority jurisdiction is indicated by ESMA, and which cases require further legal or source review. It is not a substitute for legal advice or a formal regulatory determination.

The strict Article 17 identifier starts from active ESMA FIRDS instrument-venue rows and then applies the rule to stock and bond branches only. Stocks are ordinary and preference shares identified by CFI prefixes ES and EP; equity-linked certificates, structured products, and depositary receipts are kept separate. A non-exempt issuer is strictly identified when it has active regulated-market stock or bond evidence.

Clean EU/EEA MTF/OTF-only stock or bond cases can also enter the strict count when FIRDS shows issuer request or issuer approval evidence. In RTS 23 reference data this appears through fields such as IssrReq and the issuer approval date. Third-country MTF/OTF-only issuer-request cases are classified separately and excluded from the strict MAR-obligated set unless there is independent clean disclosure or OAM evidence.

MAR disclosure routing is tied to the competent authority framework. For this website, the operational disclosure jurisdiction is therefore based on the ESMA FIRDS relevant competent authority field, RlvntCmptntAuthrty. This is the authority identifier used in the reference-data layer and is the public proxy used for OAM disclosure routing in the strict issuer views.

This is different from the GLEIF legal jurisdiction. GLEIF tells us where the legal entity is incorporated or registered; the competent-authority/OAM signal tells us where market disclosures are expected to be published. For review or excluded records, RlvntCmptntAuthrty is still an instrument reference-data signal rather than a definitive OAM assignment. The downloadable issuer files keep both fields so users can compare legal domicile with disclosure jurisdiction.

ESMA FIRDS provides financial-instrument reference files used to identify active instruments and trading venues. GLEIF LEI records enrich issuer identity, legal name, jurisdiction, and registration status. The website presents derived scope analytics and does not expose raw regulatory files.

ESMA MiFIR/FIRDS reportingESMA databases and registersESMA FIRDS register searchESMA FIRDS full and delta files

According to MAR, issuers of traded securities in the EU must disclose all private, firm-specific information that has the potential to materially affect the securities value when incorporated into the market price. Determining the threshold for materiality is one crucial challenge.

If you are interested in advice on how to determine this threshold based on a sound financial methodology, register and get in contact with us.