On 3 July 2016 the Market Abuse Regulation1 (MAR) became effective, bringing a significant change to the regulatory landscape of the European financial services sector. The Market Abuse Directive2 (MAD) ceased to apply and large swathes of national laws were repealed or amended to give way to MAR. By way of example, section 118 of the UK Financial Services and Markets Act was repealed and the provisions of the Code of Market Conduct of the UK Financial Conduct Authority (FCA) were replaced by signposts pointing to the relevant sections of MAR.
In this article we will look at some of the things that investment managers and other providers of financial services need to do (or ideally, have done by now) in connection with MAR . Changes which are of a more direct relevance to issuers of securities (such as PDMR trading, delays in disclosure and insider lists) are outside of its scope.
Click here to read the full corporate bulletinClyde & Co Corporate Bulletin - 6 Or 7 Things To Do About MAR
Footnotes
1 Regulation (EU) NO 596/2014.
2 Directive 2003/6/EC
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.