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Market Abuse Regulation: How we can help you

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.

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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”.

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Implementation of MAR

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.

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How we can help you

We offer a comprehensive solution for businesses who are affected by the new Market Abuse Regulation, which includes:

  • implementation memorandum; overview of the MAR and steps taken by the company to ensure compliance
  • a template for Article 19(5) notifications to PDMRs and by PDMRs to their PCAs;
  • acknowledgment and template for those on insider lists;
  • new tailored dealing code, group-wide policy and procedures manual;
  • specimen wording for inclusion in an announcement required when notifying the public of inside information;
  • minutes for decision to delay disclosure;
  • tailored advice;
  • links to the Level 1, Level 2 and Level 3 legislation; and
  • Q&A service.

For further information, please contact Victoria Younghusband, Paul Arathoon or your usual contact at Charles Russell Speechlys.