The EU Market Abuse Regulation (“MAR”) will replace the current Market Abuse Directive and expands the scope of the market abuse framework. MAR will come into effect on 3 July 2016.
The FCA issued a separate consultation paper in November 2015, proposing to amend its rules and guidance about delaying disclosure of inside information in the Disclosure and Transparency Rules ("DTR"). This consultation closed on 4 February 2016. The FCA is due to publish its feedback statement in Spring 2016.
MAR seeks to increase market integrity and investor protection, while easing a single rulebook and level playing field across the EU; increasing the attractiveness of securities markets for capital raising.
MAR brings changes to the FCA Handbook, including the abolition of of the Model Code which some companies currently rely on as part of their share dealing process, DTRs 2 and 3 are to be replaced by provisions in the MAR, and changes to the Code of Market Conduct.
Key changes include:
There are a number of steps that listed companies will have to take ahead of 3 July 2016 in order to ensure compliance with MAR these include:
This list is non-exhaustive so please take a look at the briefing attached. We can help you comply with your obligations under MAR, so to discuss any concerns you have please contact us.