Insider list meaning

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals UK MiFID II EU MiFID II Consumer credit Regulation of insurance Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies FCA publishes Handbook Notice No 135 The Financial Conduct Authority (FCA) has issued Handbook Notice No 134, outlining amendments to the FCA Handbook and related materials approved by the FCA board on 27 November 2025. See: LNB News 28/11/2025 48. ESMA sets out planned consultations for...

In this issue: Equity capital markets Economic crime and corporate transparency Companies Act Accounts and reports Corporate governance (EU) Directors Public M&A Private M&A (share purchase) Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets Trends in UK Equity Capital Markets in 2024 Our Market Standards Trend Report—Trends in UK Equity Capital Markets in 2024 offers a detailed and comprehensive review of the IPOs, introductions, moves between markets and follow-on offers completed on both the Main Market of the London Stock Exchange and AIM in 2024, together with perspective on what we may see in 2025. It also examines the major changes to the UK listing regime made in 2024 and the work under way regarding the prospectus regime. See News Analysis: Market Standards Trend Report—Trends in UK Equity Capital Markets in 2024. LSE publishes discussion paper on reforms...

In this issue: Commercial Corporate Data protection and cybersecurity Financial services Energy Environment Insurance and reinsurance IP Life sciences TMT International trade Daily and weekly news alerts Trackers Commercial Commissioner McGrath briefs MEPs on future consumer protection initiatives On 8 April 2025, European Commissioner for Democracy, Justice, the Rule of the Law and Consumer Protection, McGrath, briefed MEPs on forthcoming consumer protection initiatives. See: LNB News 08/04/2025 41... Corporate European Parliament votes to postpone corporate sustainability and due diligence rules Following the Commission’s omnibus package of 26 February 2025, the European Parliament approved a delay to applying the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D) for certain companies. On 3 April 2025, the vote was 531 in favour, 69 against, and 17 abstentions. For the largest companies, CS3D will be deferred by one year. Member States have until 26 July 2027...

Resource Note This Resource Note signposts key commentary, analysis and materials to aid interpretation and offer practical direction on using Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR 2). Where relevant, it draws on: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base—Procedural and Technical notes (formal guidance binding on the FCA) FCA consultation and discussion papers, policy and feedback statements, and warnings Primary Market Bulletins and other FCA publications legacy UKLA technical and procedural notes and the UKLA’s newsletter List!, where still pertinent assimilated EU legislation EU Directives and EU Regulations, where helpful to construing a provision Lexis+® UK analysis and resources Setting the scene What it covers: DTR 2 prescribes the framework for issuers to disclose and manage inside information, supporting timely and even-handed release of market-sensitive information. It also identifies specific situations permitting a delay to public disclosure of inside information, together with the safeguards required to keep such information...

Practice Note This Practice Note sets out the matters that may arise on a private M&A deal (whether implemented as a share acquisition or an asset acquisition) where a counterparty is a company whose shares are listed in the equity shares (commercial companies) category or in the transition listing category on the Financial Conduct Authority’s (FCA) Official List and are admitted to trading on the main market for listed securities (Main Market) or admitted to trading on AIM. It also addresses points common to all public companies, whether exchange-listed or not. In these scenarios, the buyer and/or seller may need to release suitable market announcements containing certain mandated enhanced disclosures. Where the deal amounts to a reverse takeover (see below) and the purchaser is a listed company, the purchaser may have to dispatch an explanatory circular to shareholders and secure their approval for the acquisition at a general meeting (that approval will become a condition to completion and therefore influence the timing of the acquisition). The principal additional procedures...

This Practice Note outlines the disclosure obligations for transactions undertaken by a person discharging managerial responsibility (PDMR) and persons closely associated with them (PCAs) under the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014), and also examines guidance from the Financial Conduct Authority (FCA) in Chapter 3 of the Disclosure Guidance and Transparency Rules (DTR) and from the London Stock Exchange in relation to AIM companies. Regulatory background The EU Market Abuse Regulation became applicable across the EU on 3 July 2016. Its stated aim was to put in place a common regulatory framework covering insider dealing, the unlawful communication of inside information and market manipulation (each a form of market abuse), together with measures designed to prevent market abuse so as to uphold the integrity of financial markets in the EU and to bolster investor protection and confidence in those markets. At the end of the Brexit implementation period (11pm UK time on 31 December 2020), the EU Market Abuse Regulation was onshored into UK law and...

Article 18(1) of the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation)) An issuer, or any person acting for an issuer or on the issuer’s account, is obliged to compile a list of all individuals who have access to inside information and who work for them under an employment contract, or who otherwise carry out tasks that provide access to such information, for example advisers, accountants, or credit rating agencies...

Dated [ insert date ] Introduction This legal due diligence questionnaire concerns the proposed admission to AIM of the whole issued [ and to be issued ] share capital of [ insert company name ] (the Company) (the IPO) in question. It forms only one component of the wider due diligence programme, which may also cover management questionnaires, business due diligence and financial due diligence, as relevant. This questionnaire is intended to enable the nominated adviser, the nominated adviser’s solicitor, the Company, the Company’s solicitors and other professional advisers engaged on the IPO to gather the information required to help prepare the admission document and to determine what steps are needed to ensure the Company is ready for its continuing admission to AIM. Please kindly answer each question in full and without any omission. Provide your replies in italics directly beneath every question and supply copies of all relevant documents, ensuring that all responses and materials are clearly identified by express reference to the appropriate paragraph...

Article 18(1) of the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation)) Article 18(1) requires that an issuer, or any person operating on the issuer’s behalf or account, prepares a list of every individual who has access to inside information and is working for them under a contract of employment, or is otherwise carrying out tasks that provide such access, eg advisers, accountants or credit rating agencies...