Market maker meaning

‘CV-Online Latvia’ SIA v ‘Melons’ SIA Case C-762/19 What are the practical implications of this case? Across the EU, when a website or online database provides a search tool that automatically draws into its results information sourced from third-party databases, this will typically infringe database right. There can, however, be circumstances where the practice is lawful if it can be shown that using data from those third-party databases does not prejudice the maker’s investment—for instance, where the data is deployed in a wholly unrelated market that the maker neither foresaw nor competes in. Nonetheless, in most situations it will be necessary to obtain permission from the maker of any third-party databases employed to produce an aggregated search result. What was the background? A jobs website (Melons) offered a search engine that queried several websites hosting job advertisements. It compiled hyperlinks from all of these sources (in particular CV-Online)...

Antitrust Consultation launched on Vifor’s commitments to end CMA’s abuse probe into disparaging treatment in iron treatment market The CMA has opened a consultation on proposed commitments aimed at resolving concerns that Vifor Pharma (Vifor) abused a dominant position by issuing misleading statements about a competing intravenous iron therapy. By way of context, on 31 January 2024 the CMA began an investigation into whether Vifor—the maker of Ferinject, an intravenous iron deficiency treatment—curbed competition by disseminating misinformation to healthcare professionals about the safety of a rival product, Monofer, which is supplied by Pharmacosmosa, a family-owned specialist pharmaceutical company. To address the CMA’s competition concerns, Vifor has put forward several commitments, including: Paying £23m to healthcare systems across the four nations, reflecting worries that the claims may have caused financial harm to the NHS. Contacting healthcare professionals to correct any potentially misleading communications about the safety profiles of Monofer and Ferinject. Implementing a range of measures to stop the spread of misleading information in future....

Scope of the regime (NSIA 2021) took full effect on 4 January 2022. From that point, the UK Government gained powers to scrutinise and intervene in a broad array of investments in entities operating in the UK, and in purchases of related assets, with the goal of stopping deals that might threaten the UK’s national security. The regime is run by the Investment Security Unit (ISU) within the Cabinet Office, while the formal decision‑maker is the Chancellor of the Duchy of Lancaster (described in the Act, and here, as the ‘Secretary of State’). Beyond handling notifications and associated proceedings, the ISU may issue guidance on the regime and how it applies to particular transactions. Under NSIA 2021, certain investments in business entities active across 17 specified UK sectors must be notified to the ISU by the investor and cleared by the Secretary of State before completion. This notification duty applies whether the investor is UK‑based or overseas, and also to investments in foreign entities active in these sectors in...

This Resource Note summarises the key provisions in Chapter 5 of the Disclosure Guidance and Transparency Rules (DTR 5). It addresses the reporting duties of holders and issuers of interests in voting rights in an issuer whose shares are admitted to trading on a regulated or prescribed market in the United Kingdom. It signposts relevant commentary, analysis and resources to aid interpretation and provide practical guidance on applying DTR 5. Setting the scene Where relevant, the materials referenced include: the Financial Conduct Authority (FCA) Handbook FCA Guidance in the FCA Knowledge Base—Procedural notes and Technical notes (which constitute formal guidance and bind 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’s newsletter List!, where still relevant to interpreting or applying a provision assimilated EU legislation EU Directives and EU Regulations, where still pertinent to construing a provision materials...

This Practice Note sets out the statutory defences available in respect of the three criminal insider dealing offences under the Criminal Justice Act 1993 (CJA 1993): the ‘dealing offence’, the ‘encouragement offence’ and the ‘disclosing offence’. It should be read alongside Practice Note: Insider dealing—the criminal offence, which details the constituent elements of the three criminal insider dealing offences. For coverage of the civil/regulatory insider dealing framework, see Practice Note: UK Market Abuse Regulation—insider dealing. General defences The statutory defences applicable to the three criminal insider dealing offences appear in CJA 1993, s 53. The burden lies with the defence to demonstrate, on the balance of probabilities, that a defence is established. General defences to the dealing offence and encouraging offence There are three general defences available to the dealing offence or the encouraging offence...