MAR meaning

Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation) has effect in the UK from IP completion day (31 December 2020)...

ARCHIVED: This timeline has been archived and is no longer maintained. For developments from January 2024 onwards, see EU Market Abuse Regulation—timeline for issues relating to the EU Market Abuse Regulation, or UK Market Abuse Regulation—timeline for matters concerning the UK Market Abuse Regulation. For further guidance on the EU Market Abuse Regulation, see Practice Note: EU Market Abuse Regulation (MAR)—essentials. For further guidance on the UK Market Abuse Regulation, see Practice Note: UK Market Abuse Regulation (MAR)—essentials. Date: 9 November 2023 Source: European Economic Area Joint Committee Documents: Decision of the EEA Joint Committee No 98/2023 of 28 April 2023 amending Annex IX (Financial services) to the EEA Agreement [2023/2252]; Decision of the EEA Joint Committee No 99/2023 of 28 April 2023 amending Annex IX (Financial services) to the EEA Agreement [2023/2253]; Decision of the EEA Joint Committee No 100/2023 of 28 April 2023 amending Annex IX (Financial services) to the EEA Agreement [2023/2254] Description: Three decisions of the EEA Joint Committee...

Timeline This timeline reviews the evolution of the UK market abuse framework under Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation) from 2024 onwards. For earlier milestones, refer to Market Abuse Regulation—timeline. For general guidance on the UK Market Abuse Regulation, consult Practice Notes: Market Abuse Regulation (MAR)—essentials, UK Market Abuse Regulation (UK MAR)—one minute guide, and UK Market Abuse Regulation—level 2 and level 3 measures...

The following chart provides a concise outline of the principal information and the questions to weigh when determining whether something amounts to inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (the EU Market Abuse Regulation) and Assimilated Regulation (EU) 596/2014 (the UK Market Abuse Regulation). For fuller detail, consult Practice Note: Market Abuse Regulation (MAR)—essentials—Definition of inside information...

In this issue: Sustainable finance and ESG weekly round-up Moveable Transactions (Scotland) Act 2023 Football Governance Bill LIBOR and benchmarks Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Technology in banking & finance transactions Structured products and securitisation Regulation for banking lawyers Banking & Finance Highlights 2024/2025 Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s coverage of Sustainable finance and ESG developments, please see: Sustainable finance and ESG weekly round–up—19 December 2024. Moveable Transactions (Scotland) Act 2023 Moveable Transactions (Scotland) Act 2023 (Commencement) Regulations 2024 SSI 2024/378: From 1 April 2025, the outstanding provisions of the Moveable Transactions (Scotland) Act 2023 (the Act) will come into effect. See: LNB News 17/12/2024 9. Moveable Transactions (Forms) (Scotland) Regulations 2024 SSI 2024/379: These prescribe the forms to be used for the purposes set out...

EU financial services developments Commission publishes draft amendment to MAR level 2 measure The European Commission has released a draft modification to Commission Delegated Regulation (EU) 2016/522, a level 2 instrument under Regulation (EU) 596/2014 (MAR). Feedback is invited until 14 January 2026. The proposal would amend Delegated Regulation (EU) 2016/522 to: create a list of designated trading venues to implement the order data exchange mechanism in Article 25a of MAR for shares; and revise Annex II on practices outlining indicators of market manipulation, reflecting technological advances such as algorithmic trading, and correcting several erroneous cross-references Source: Consultation: Clarifications to the indicators of market manipulation and definition of scope of new order data exchange mechanism Council of EU and European Parliament agree Retail Investment Strategy measures The Council of the EU and the European Parliament have announced agreement on a directive amending MiFID II, Solvency II, the UCITS Directive and AIFMD, and on a regulation amending the PRIIPs Regulation....

In this issue: Corporate governance Equity capital markets Environmental, social and governance issues Companies House Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC publishes 2024 Annual Review of Corporate Governance Reporting The Financial Reporting Council (FRC) has issued its 2024 Annual Review of Corporate Governance Reporting, highlighting strong practice and pinpointing areas to enhance. The review offers timely insights as companies ready themselves for the revised UK Corporate Governance Code, effective January 2025. Although overall standards remain high, the FRC calls for more outcomes-led disclosures and clearer reporting on risk management and internal control frameworks. See: LNB News 26/11/2024 21. Equity capital markets Pre-Emption Group reports increased adoption of enhanced capital raising flexibility by UK companies The Pre-Emption Group has published its second annual monitoring report, showing broader use of its 2022 Statement of Principles on disapplying pre-emption rights. Covering...

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...

This Resource Note spotlights commentary, analysis and materials to aid interpretation and give practical guidance on applying Chapters 1, 1A, 1B and 1C of the Disclosure Guidance and Transparency Rules: DTR 1, DTR 1A, DTR 1B and DTR 1C respectively. Materials referenced here include, where pertinent: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base guidance—Procedural notes and Technical notes (constituting formal guidance and binding on the FCA) FCA consultation papers, discussion papers, policy statements, feedback statements and warnings Primary Market Bulletins and other FCA publications former UKLA technical and procedural notes and the UKLA newsletter List!, where still relevant to interpreting or applying a provision assimilated EU legislation EU Directives and EU Regulations, where relevant to interpreting a provision Lexis+ UK analysis and resources Setting the scene What it covers: DTR 1 sets out the Disclosure guidance, explaining its scope and purpose; DTR 1A sets out the transparency rules with their scope and purpose;...

STOP PRESS: A major overhaul of the UK listings regime took effect on 29 July 2024, scrapping both the premium and the standard listing segments and replacing them with a single category for equity shares in commercial companies. That commercial companies category is heavily disclosure-led and sits alongside other listing categories, including the shell companies category, the secondary listing category and the closed ended investment fund category, among others. A new UK Listing Rules sourcebook came into force to deliver these changes, and the previous Listing Rules sourcebook was revoked. For further information and detail, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note reflects the regime as it existed prior to 29 July 2024. A limited company may buy back shares in itself, provided conditions set out in the Companies Act 2006 (CA 2006) are satisfied, where applicable. This is known as a share buyback or a purchase of own shares. In addition to CA 2006, there are other rules and guidelines that are relevant...

ARCHIVED This Precedent has been archived (as it is unnecessary in respect of winding-up petitions presented from 1 April 2022) and is therefore not maintained any more...

This precedent memorandum This precedent memorandum presents a specimen group-wide dealing policy issued by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute) (CGI), GC100, the Quoted Companies Alliance (QCA) and other market participants too. It was created after the Financial Conduct Authority (FCA) chose to remove the Model Code, which had formed part of the listing rules, because it conflicted with the EU Market Abuse Regulation that came into force on 3 July 2016. The CGI, GC 100 and the QCA agreed that it would be greatly beneficial for listed and quoted companies to be able to refer to an equivalent version of the Model Code. Companies with a former premium listing of equity shares had previously been required to comply with the Model Code, which restricted persons discharging managerial responsibilities (PDMRs) from dealing in the company’s securities at certain times. The intention is that listed and AIM companies should apply the group-wide dealing policy to PDMRs, their employees and their subsidiaries, to provide an introduction...

This precedent memorandum outlines the processes to be observed by a listed company and its subsidiaries when transacting in the company’s securities. Its aim is to support the company in meeting its duties under the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014) and to confirm that appropriate systems and procedures exist to help persons discharging managerial responsibilities (PDMRs) and other staff within the company and its subsidiaries fulfil their responsibilities under the company’s Dealing Code and the UK Market Abuse Regulation. This precedent arises from an industry‑led creation of codes, guidance and best practice produced by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants. Additionally, the memorandum addresses dealing processes across the company and its subsidiaries, associated clearance requirements and potential refusal circumstances. Index No. Content Page Introduction [ page number ] Part A—General dealing requirements [ page number ] 1. Dealings by Restricted Persons [ page number ] 2....

The Commercial Rent (Coronavirus) Act 2022 (CR(C)A 2022) applies to ‘protected rent debts’ which are, broadly: amounts for rent, service charges, interest and value added tax (VAT) payable under a tenancy to which Part II of the Landlord and Tenant Act 1954 (LTA 1954, s 23) applies (including where contracted out), provided that: all or part of the business or the premises were required by coronavirus (COVID-19) regulations to close; and the sums relate to the ‘protected period’, running from 21 March 2020 until the earlier of: the final day the business or premises had to close, or were subject to regulation governing the way the business operated or the use of the premises; and in England, 18 July 2021, and in Wales, 7 August 2021 Accordingly, it is important to determine whether a private education facility falls within the scope of the LTA 1954—which depends on the tenancy satisfying...