Guidance on notifying transactions by persons discharging managerial responsibilities under the UK Market Abuse Regulation

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Practice notes

Guidance on notifying transactions by persons discharging managerial responsibilities under the UK Market Abuse Regulation

Published by a ��˾��ҹ�� Corporate expert

Practice notes

This Resource Note highlights relevant commentary, analysis and resources to assist with the interpretation of, and provide practical guidance on the application of Chapter 3 of the disclosure guidance and transparency rules (DTR 3).

Materials covered in this Resource Note include, where relevant:

•
the Financial Conduct Authority (FCA) Handbook
•
FCA guidance in its Knowledge Base—Procedural notes and Technical notes (which constitute formal guidance and are binding on the FCA)
•
FCA consultation papers, discussion papers, policy statements, feedback statements and warnings
•
Primary Market Bulletins and other FCA publications
•
former UKLA technical and procedural notes and the UKLA's newsletter List!, where still relevant to the interpretation or application of a provision
•
assimilated EU legislation
•
EU Directives and EU Regulations, where relevant to interpretation of a provision
•
Lexis+® UK analysis and resources

Index

Setting the scene

Amendments to DTR 3—end of Brexit implementation period

DTR 3—Transactions by a person discharging managerial responsibilities

DTR 3.1.1 G and DTR 3.1.8 R—Purpose and Notification

Jurisdiction(s):

United Kingdom

Key definition:

Connected persons definition

What does Connected persons mean?

Persons connected with a director of a company as defined in CA 2006, ss 252–255, including members of the director's family, a body corporate with which the director is connected, a person acting in their capacity as trustee of a trust (the beneficiaries of which include the director or persons connected with that director), or a person acting in their capacity as partner of the director (or of a person connected with that director). The relevance of connected persons is emphasised in relation to transactions requiring shareholder approval under CA 2006, Pt 10. In relation to listed companies, Chapter 11 of the Listing Rules regulates the conduct of related party transactions between a listed company and its related parties, the definition of which includes any 'associate’ of that party. The definition of associate can be found in the Glossary to the FCA Handbook and has similarities to the definition of connected persons under the CA 2006.

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