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Market Abuse Regulation—timeline

Market Abuse Regulation—timeline Regulation (EU) 596/2014 (OJ L 173, 12.6.2014, p. 1) (EU Market Abuse Regulation) came into effect on 3 July 2016. Retained Regulation (EU) 596/2014 (UK Market Abuse Regulation) applies in the UK as of IP completion day (31 December 2020). For information on the EU Market Abuse Regulation and the UK Market Abuse Regulation, see Practice Notes: Market Abuse Regulation (MAR)—essentials, Market Abuse Regulation (MAR)—one minute guide and Market Abuse Regulation—level 2 and level 3 measures. Date Source Document Description 9 November 2023 European Economic Area Joint Committee Decision of the EEA Joint Committee No 98/2023 of 28 April 2023 amending Annex IX (Financial services) to the EEA Agreement [2023/2252] Decision of the EEA Joint Committee No 99/2023 of 28 April 2023 amending Annex IX (Financial services) to the EEA Agreement [2023/2253] Decision of the EEA Joint Committee No 100/2023 of 28 April 2023 amending Annex IX (Financial services) to the EEA Agreement [2023/2254] Three decisions of the European Economic Area (EEA)...

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Legal and regulatory developments in Equity Capital Markets 2019

Legal and regulatory developments in Equity Capital Markets 2019 Background and approach This review looks at legal and regulatory developments in the sphere of equity capital markets (ECM) in 2019 and forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise: • IPOs in 2019—Main Market and AIM • Secondary Offers in 2019—Main Market and AIM • Standard listings in 2019 • Risk factor disclosure in 2019 IPOs Brexit The UK entered an implementation period on 31 January 2020 during which existing EU laws continue to apply to the UK. The listing, prospectus and transparency regimes that apply in the UK (and are largely derived from EU law) continue to apply in the implementation period in the same way as before Brexit. However, UK representatives will no longer be permitted to participate in EU institutions and other bodies. The Financial Conduct Authority (FCA) is therefore no longer...

Quick Look Brexit Financial Services Legislation Status Guide—Market Abuse Regulation [Archived]

Quick Look Brexit Financial Services Legislation Status Guide—Market Abuse Regulation [Archived] This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of Regulation (EU) 596/2014 (OJ L 173/1) (the EU Market Abuse Regulation) under UK law from 1 January 2021. For more detailed information, see Practice Note: Impact of Brexit: Market Abuse Regulation—quick guide. During the implementation period beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day), the EU Market Abuse Regulation was directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), and the Withdrawal Agreement between the UK and the EU. With effect from 1 January 2021: • the EU Market Abuse Regulation, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, forms part of EU retained law and accordingly applies in the UK—see: Onshored Market Abuse Regulation—from 1 January...

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Memorandum on the responsibilities and obligations of a director of an AIM company

Memorandum on the responsibilities and obligations of a director of an AIM company 1 Introduction 1.1 This memorandum has been prepared for the directors and proposed directors (the Directors) of the Company to provide a general introduction to the principal responsibilities and obligations of a director of a company whose shares are admitted, or will be admitted, to AIM, a market operated by London Stock Exchange plc (LSE). 1.2 Once a company’s securities are admitted to trading on AIM, a company and its directors are subject to an increased layer of regulation. This includes requirements set out in the AIM Rules for Companies published by the LSE (AIM Rules), the Disclosure Guidance and Transparency Rules sourcebook (DTRs), the Prospectus Rules and the Market Abuse Regulation. 1.3 As a Director, you will be responsible (individually and collectively with your fellow Directors) for the Company's compliance with these provisions. The LSE has the power to fine or publicly censure an AIM company in the case of a...

Dealing Procedures Manual

Dealing Procedures Manual This precedent memorandum sets out the procedures to be followed by a listed company and its subsidiaries in relation to dealings in the company’s securities. The purpose of this memorandum is to assist the company to comply with its obligations under the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014) and to ensure that the company has the necessary systems and procedures in place to assist persons discharging managerial responsibilities (PDMRs) and other employees of the company and its subsidiaries to comply with their obligations under the company’s Dealing Code and the UK Market Abuse Regulation. This precedent is the product of an industry-led development of codes, guidance and best practice prepared by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants. Index No. Content Page Introduction [page number] Part A—General dealing requirements [page number] 1. Dealings by Restricted Persons [page number] 2. Identifying Restricted Persons [page number] 3. Clearance...

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What continuing obligations does a standard listed company have to comply with?

What continuing obligations does a standard listed company have to comply with? Written in partnership with Danette Antao (Senior Knowledge Lawyer, Hogan Lovells International LLP) and Catherine Lah (Senior Associate, Hogan Lovells International LLP). This Q&A considers the continuing obligations of a commercial company with a listing of shares on the standard segment of the Financial Conduct Authority's (FCA) Official List (a standard listed company). A standard listed company is subject to the minimum listing requirements imposed by EU directives. In comparison, a company whose shares are listed on the premium segment of the Official List are also required to comply with super-equivalent standards imposed by the FCA’s premium listing rules which are more onerous than the minimum EU requirements. What are the key continuing obligations for a standard listed company? A standard listed company must comply with its continuing obligations which are set out in the Listing Rules (LRs), the Disclosure Guidance and Transparency Rules (DTRs) and the Market Abuse Regulation (EU) No 596/2014 (MAR)....

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Corporate weekly highlights—30 March 2023

This week's edition of Corporate weekly highlights includes: news of the Economic Crime and Corporate Transparency Bill reaching the House of Lords committee stage and the Financial Services and Markets Bill reaching day ten of its respective House of Lords committee stage, the publication by Glass Lewis of a Continental Europe 2023 Proxy Season preview,, HM Treasury and the FCA’s statement on the criminal market abuse regime and AFME’s publication of feedback to the European Commission’s proposed new Listing Act.

EU Law weekly highlights—23 March 2023

This week's edition of EU Law weekly highlights includes details of the proposal by the Commission for new directive on substantiating green claims and a proposal for extending an emergency measure to curb gas demand. Parliament also adopted its position on two hydrogen and gas markets decarbonisation packages. In addition this week, the Council adopted its general approach on revision to industrial emissions directive and MEPs have approved information exchange rules to improve police cooperation.