Market abuse

Recent Articles

  •  
    18/03/2024

    Financial Services Webinars On Demand

    Click here to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts. 
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  •  
    19/02/2024

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.   
    Read more
  •  
    29/11/2023

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.     
    Read more
  •  
    07/11/2023

    FCA provides warning on market sounding regime

    On 31 October 2023, the Financial Conduct Authority (FCA) published Market Watch No. 75, sharing some observations about the market soundings procedure under the UK Market Abuse Regulation (UK MAR), and a reminder to market sounding recipients (MSRs) to independently assess whether they have inside information, even if the disclosing market participant (DMP) has not disclosed any inside information.  The market soundings regime is a well-established procedure, allowing issuers to disclose inside information to selected investors to determine interest in a transaction before it is announced....
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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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