MAD II

Recent Articles

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  19.03.2020

  FCA and FRC Guid­ance on COV­ID-19 Im­plic­a­tions for Lis­ted Com­pan­ies and Com­pany Audits

  The FCA reports that its core focus at this time is to ensure consumer protection and orderly functioning capital markets and the PMB certainly makes it clear that the FCA is not currently minded to make concessions at this stage in relation to issuers’ reporting and transparency obligations. The PMB covers six areas: ongoing disclosure under the Market Abuse Regulation (MAR), market volatility and suspension of trading, transaction notifications, delays in corporate reporting, shareholder meetings and corporate transactions and admissions. This Law Now considers each of these in turn....

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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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  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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  15.06.2016

  MAR – Em­ploy­ee Share Plan Im­plic­a­tions

  MAR affects employee share plans because relevant share transactions include the granting and vesting of employee share awards. However, although MAR brings some changes to what happens in the UK, in most cases the rules on announcement of transactions and when transactions are prohibited will not substantively alter, and where there at first sight appears a greater degree of flexibility than is currently the case, we think companies may on consideration not always want to take advantage of permitted changes. Key employee share plan points currently are: Announcements Directors and other persons...

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