Market abuse

Recent Articles

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  13.03.2020

  Enquiry Letters from the FCA - In­vest­ig­a­tions into Market An­nounce­ments and Inside Information

  The increased availability of data and advanced analytical systems capable of efficiently crunching that data have meant that the FCA is able to more proficiently detect abnormal share price movements by comparing data before and after the publication of any major, unexpected or market-moving announcements. If the FCA does detect abnormal activity, it is likely the FCA’s Market Integrity Unit will write to the issuer enquiring as to whether the contents and/or timing of the announcement may have contributed to the share price movements. An enquiry letter, where the company is unable to satisfy...

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  24.12.2019

  FCA enforcement against PDMR

  The case is notable, not just for being the first such enforcement, but also because the individual was not a director of the listed company but was a managing director sitting on the company’s executive committee and therefore a person discharging managerial responsibilities (PDMR) under MAR. In this case, the managing director engaged in three separate trades without notifying the company or seeking clearance to deal in accordance with the company’s share dealing code. Despite having been sent the relevant notifications (in respect of the share dealing code and his obligations as...

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  11.04.2018

  Se­cur­it­isa­tion Regulation: 60 minutes to understand the new rules and issues

  CMS cordially invite you to attend a webinar: 11 April 2018 | 10:00 UK/ 11:00 CET Securitisation Regulation: 60 minutes to understand the new rules and issues This webinar will last one hour (including a Q&A session) and will provide an update on new EU regulations regarding securitisation. Four expert speakers from the UK, France and Spain will cover the areas you need to be aware of. Agenda: Scope of the new regulations (STS and CRR treatment) New rules applicable to any EU securitisation STS CRR/other directive changes REGISTER NOW

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  05.04.2017

  German Regulator releases new Ad­min­is­trat­ive Fine Guidelines

  According to the new WpHG Administrative Fine Guidelines, BaFin now can and will punish companies more severely for breaches of disclosure obligations resulting from the Securities Trading Act. Now, the fines can be significantly higher. The possibility to impose stricter sanctions is based on changes in European law. For one thing, these include the Directive amending the Transparency Directive, which was implemented into German law in November 2015. The sanctions imposed under this Directive in the event of breaches of the shareholding and reporting disclosure obligations are significantly...

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  05.07.2016

  EU cross-border regulatory enforcement

  The webinar covered: cross-border enforcement in the UK, Italy, and France; what are the regulators' approaches?; and what are the current trends and issues? The slides (in PDF format) are available to view or download here.

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  17.06.2016

  The Market Abuse Regulation: impact on Main Market companies

  Summary of changes Companies must be rigorous in assessing and recording when inside information arises and, where its announcement is delayed, why a delay was permitted. If there is a delay, the company must record when the inside information first arose and the decision was taken to delay announcing it and why. When the information is eventually announced, the company must notify the FCA of the delay and, if requested by the FCA, provide the FCA with an explanation why. Disclosure policies and similar materials may need amending. Insider lists must now follow a prescribed format, and more...

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