The Market Abuse Regulation (MAR) came into force on 3 July 2016. It is EU legislation with direct effect, which replaces the Market Abuse Directive (MAD). For AIM and ISDX companies, there will be a new regime altogether since AIM and ISDX securities (together with debt instruments issued by an AIM company or an ISDX company and related derivatives and linked financial instruments) are in scope.
The FCA will be responsible for enforcement of MAR and investigation of breaches but cannot give any waivers or derogations. However, as market regulator for AIM companies the London Stock Exchange will also be involved.
MAR Update - September 2016
August may be a quiet month in Europe, but in the second month after the Market Abuse Regulation came into force, publications from national regulators and market operators continued.
MAR Update - ESMA publishes new Q&A and final Guidelines
On 13 July 2016 ESMA published its second set of MAR Q&A. The new Q&A (Section 2 – Managers’ Transactions) confirms that the announcement of year-end financial results ends the MAR 30 day closed period provided that the “preliminary financial results contain all the key information relating to the financial figures expected to be included in the year-end report”.
The Market Abuse Regulation (MAR) came into force last Sunday 3 July. Just in time, the FCA updated its webpage on 1 July to include links to the PDMR/PCA notification form and the delayed disclosure form, together with guidance notes on how to complete them.