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
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
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
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
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
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
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
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
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
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
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
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
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
The Financial Conduct Authority (FCA) conducted a review of Delayed Disclosure of Inside Information (DDII) notifications which identified a number of areas where it will be increasing its oversight in the future. This note...more
MiFIR: FCA statement on trade reporting and position limit obligations - The UK Financial Conduct Authority (FCA) has published a statement on trade reporting and position limit obligations under the Markets in Financial...more
The UK Financial Conduct Authority (“FCA”) has reinforced its expectations on market conduct during the COVID-19 pandemic, recognising that the opportunities for market abuse are amplified in the current climate. ...more
The UK government clarifies its legislative plans for financial services regulatory reforms post-Brexit. On 23 June 2020, the House of Commons published a written statement from Rishi Sunak, Chancellor of the Exchequer, on...more
On April 28, 2020, the Financial Conduct Authority (FCA) published a “Dear CEO” letter on ensuring the fair treatment of corporate customers preparing to raise equity finance. The FCA expects financial services firms to...more
The UK Financial Conduct Authority (FCA) published a policy statement and two associated technical supplements on April 8, 2020, announcing a series of measures aimed at assisting companies to raise new share capital in...more
The FCA asks issuers to delay publishing their preliminary financial results due to COVID-19. Key Points: ..The FCA is asking issuers to delay the publication of their preliminary financial accounts by at least two...more
COVID-19: FCA Primary Market Bulletin No 27 - The FCA has published its latest Primary Market Bulletin, focused on COVID-19. Matters covered include: Ongoing disclosure under the Market Abuse Regulation (MAR) - The FCA...more
A Call for Input reveals that the FCA is planning for a post-EU future and examining ethics with regard to MAR. On 9 March 2020, the Financial Conduct Authority (FCA) issued a Call for Input on the way that wholesale...more
The FCA is considering whether alternative data could introduce new risks to market integrity. The FCA’s recently published Insight article explores how alternative data might give rise to market abuse risks. The article...more
Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more
The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will occur during this year,...more