News & Analysis as of

EU Market Abuse Regulation (EU MAR)

Walkers

Listing Act – Part 2: Market Abuse Changes

Walkers on

EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to MAR remove disproportionate complexity but preserve investor protection....more

Walkers

Listing Act – Part 1: Prospectus Changes

Walkers on

EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to the Prospectus Regulation remove disproportionate complexity but preserve investor protection....more

White & Case LLP

EU Listing Act

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On 8 October, 2024, the Council of the EU adopted the EU Listing Act, aimed at making EU public capital markets more attractive and facilitate listings on European stock exchanges. Key amendments affect the EU Prospectus...more

A&O Shearman

Market abuse surveillance: UK FCA shares observations on good and poor practices

A&O Shearman on

Compliance with UK MAR depends on effective systems - The UK Market Abuse Regulation (UK MAR) requires firms to identify and report instances of potential market abuse. Their ability to do this depends on the effectiveness...more

Latham & Watkins LLP

ESMA Sets Out Good Practices for Calls With Analysts Ahead of MAR Closed Periods

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The guidance was issued after ESMA and national regulators observed “high volatility episodes” in EU share prices, some of which took place shortly after pre-close calls with analysts....more

A&O Shearman

Social media and investment recommendations: regulatory challenges and risks

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Entities from the capital market sector often rely on social media as a key communication channel. However, they still have to follow the same regulatory requirements for information exchange and customer acquisition as they...more

Dechert LLP

Insider Dealing: Updates to the UK Criminal Regime

Dechert LLP on

On 15 June 2023, The Insider Dealing (Securities and Regulated Markets) Order 2023 (the “2023 Order”) came into force. The 2023 Order seeks to align certain outdated aspects of the UK’s criminal insider dealing regime under...more

BCLP

FCA Primary Market Bulletin No. 44

BCLP on

Primary Market Bulletin No. 44 reminds issuers of the: ..use of multimedia content (including audio and video) in regulatory news announcements; ..FCA’s position on the requirement for a prospectus when shares are...more

Latham & Watkins LLP

Recent Developments for UK PLCs

Latham & Watkins LLP on

This first edition of 2023 covers recent guidance from the FCA’s Primary Market Bulletin 42 and Market Watch 71, major changes to the Takeover Code’s “acting in concert” presumptions, an FCA penalty for publishing misleading...more

BCLP

FCA publishes Primary Market Bulletin No. 42 and Market Watch 71

BCLP on

The FCA has published Primary Market Bulletin No.42 which, amongst other things: (i) discusses themes from the FCA’s enquiries into unlawful disclosure of inside information (ii) highlights the relationship between the...more

Latham & Watkins LLP

Navigating Debt Repurchases: What You Need to Know - October 2022

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This Client Alert examines the key issues that typically arise in non-convertible bond repurchase programs, before turning to the issues unique to repurchases of syndicated bank debt. It also looks at issues applicable to...more

Dorsey & Whitney LLP

FCA Fines Former Chairman of Convatec for Unlawful Disclosure of Inside Information

Dorsey & Whitney LLP on

The Financial Conduct Authority (FCA) which regulates financial services and markets in the UK has fined Sir Christopher Gent, the former non-executive Chairman of ConvaTec Group Plc (the Company), for unlawfully disclosing...more

BCLP

FCA fines chair of a listed company for unlawfully disclosing inside information

BCLP on

The chair of a premium-listed company has been fined £80,000 for unlawfully disclosing inside information to major shareholders before the information was announced to the market. This case acts as a reminder for...more

Hogan Lovells

eRIIS, a CSSF web platform for filings under the transparency law and the market abuse regulation

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The Commission de Surveillance du Secteur Financier (CSSF) has launched a new web platform called eRIIS which stands for electronic Reporting of Information concerning Issuers of Securities providing issuers and persons...more

Latham & Watkins LLP

European SPACs: Guide to Regulatory Expectations - March 2022

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Special purpose acquisition companies (or SPACs) saw a significant increase in popularity in 2020, which has continued into 2021. This trend, which largely started in the United States, has spread to global capital markets...more

Proskauer Rose LLP

Regulation Round Up - January 2022

Proskauer Rose LLP on

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23 December 2021 – 6 January 2022

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In this period we bid farewell to 2021 and 24 LIBOR settings and welcomed 2022 and the application of a range of new prudential measures in the UK. It was, however, a relatively quiet period for the regulators. The FCA...more

White & Case LLP

Global Investigations Review: Basic Anatomy of Enforcement Investigations in Europe

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Securities laws across France, Germany and the United Kingdom are widely comparable. Each country recognises the importance of maintaining a strong procedural framework of regulation and enforcement. The EU Market Abuse...more

A&O Shearman

The Market Abuse Regulation: the First Five Years

A&O Shearman on

July 2021 marks five years since the Market Abuse Regulation (596/2014/EU) (EU MAR) came into force on 3 July 2016. Since then, a myriad of developments has supplemented practitioners’ understanding and interpretation of EU...more

Hogan Lovells

Securities and Markets regulatory news, July 2021 #3

Hogan Lovells on

Benchmarks (Provision of Information and Documents) Regulations 2021 The Benchmarks (Provision of Information and Documents) Regulations 2021 (SI 2021/812) have been published, together with an explanatory memorandum. The...more

Proskauer - The Capital Commitment

Navigating Brexit: What Funds Should Look Out for as the Dust Begins to Settle

As a result of Brexit, UK-regulated firms will already have grappled with loss of passporting and equivalence measures, and the need to navigate national regimes and relocate staff. As of today, EU firms operating in the UK...more

White & Case LLP

Restructuring listed debt – navigating the information barrier - European Leveraged Finance Client Alert Series: March 2021

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In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as "bonds"). There are administrative problems that can arise when dealing with a large number...more

Jones Day

New Exemption to Market Sounding Regime Under the Market Abuse Regulation

Jones Day on

The Situation: An exemption to the market sounding regime under the Market Abuse Regulation ("MAR") that became applicable on 1 January 2021, will increase the attractiveness of private placements of bonds by easing...more

Latham & Watkins LLP

10 Key Focus Areas for UK-Regulated Financial Services Firms in 2021

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In last year’s publication we highlighted the top regulatory focus areas for our clients during 2020, concentrating on wholesale market structures and conduct risk. This publication outlines the primary focus areas in...more

White & Case LLP

Market Abuse Regulation: FCA Review of Delayed Disclosure of Inside Information

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On 11 November 2020, the FCA published a review of delayed disclosure of inside information (DDII) by issuers under MAR as part of its latest Primary Market Bulletin newsletter.  As part of this review the FCA analysed all...more

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