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UK Buy-back and Stabilisation Regulation meaning
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What does UK Buy-back and Stabilisation Regulation mean?
In UK securities practice, the “UK Buy‑back and stabilisation Regulation” is the onshored rulebook setting the detailed conditions issuers and their agents must follow to benefit from the UK Market Abuse Regulation (UK MAR) safe harbours for issuer share buy‑back programmes and price stabilisation in offerings.
It is the UK version of Commission Delegated Regulation (EU) 2016/1052, retained and amended under the European Union (Withdrawal) Act 2018 (now assimilated law), and applied alongside UK MAR. The Financial Conduct Authority supervises compliance.
Key features include: prior disclosure of buy‑back programmes; ongoing public reporting of transactions; limits on price (e.g. not above the highest independent bid/last independent trade) and on daily volume (e.g. a percentage of average daily volume); venue restrictions; record‑keeping; and controls on timing. For stabilisation, it prescribes transparency, price and time limits post‑offer, and conditions for overallotment and the greenshoe option. Meeting these conditions is central to accessing the market‑manipulation safe harbours.
Across England & Wales, Scotland and Northern Ireland, usage and effect are consistent. In Ireland, practitioners refer to the EU Delegated Regulation (EU) 2016/1052 applied with EU MAR and enforced by the Central Bank of Ireland; the substantive conditions are broadly aligned, but derive from EU rather than UK law.
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View the related Practice Notes about UK Buy-back and Stabilisation Regulation
PRACTICE NOTES
UK Market Abuse Regulation post‑Brexit: article‑by‑article onshoring changes to scope, disclosures, insider lists, market soundings and PDMR dealings—FCA/Treasury powers (archived)
ARCHIVED : This Practice Note has been archived and is not maintained. This Practice Note sets out the principal modifications to Retained Regulation (EU) 596/2014 (the UK Market Abuse Regulation) resulting from the onshoring process, of particular relevance to corporate lawyers. It summarises revisions to article 2 (Scope), article 3 (Definitions), article 5 (Exemption for buy-back programmes and stabilisation), article 9 (Legitimate behaviour), article 11 (Market soundings), article 12 (Market manipulation), article 13 (Accepted market practices), article 17 (Public disclosure of inside information), article 18 (Insider lists) and article 19 (Managers’ transactions). The following statutory instruments are pertinent when considering amendments to the UK Market Abuse Regulation: Market Abuse (Amendment) (EU Exit) Regulations 2019 (Market Abuse Regulations 2019), made on 18 February 2019 Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, made 26 March 2019, which amended the Market Abuse Regulations 2019 to make appropriate provision regarding Gibraltar (see regulation 8); these changes took effect immediately before IP completion day Financial Services (Electronic Money,...
27 May
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PRACTICE NOTES
UK Market Abuse Regulation (MAR) insider dealing: prohibitions, definitions, scope, legitimate behaviour, buy-back/stabilisation safe harbours, market soundings, PDMR closed periods, disclosure, insider lists, surveillance, and Brexit/EU developments
This Practice Note presents an overview of the offence of insider dealing as defined by Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation). The insider dealing offence in Article 14 of the UK Market Abuse Regulation sits alongside the criminal insider dealing offence in section 52 of the Criminal Justice Act 1993, as well as the criminal offences of making misleading statements and misleading impressions under sections 89 to 91 of the Financial Services Act 2012. Background and purpose The EU Market Abuse Regulation 596/2014 took effect throughout the EU on 3 July 2016. Its stated aim was to create a common regulatory framework addressing insider dealing, the unlawful disclosure of inside information and market manipulation (all forms of market abuse), together with measures 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. Regulatory framework At the end of the Brexit implementation period (11 pm UK time on 31...
27 May
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PRACTICE NOTES
EU and UK Market Abuse Regulation (MAR): scope, key obligations, divergence, and compliance essentials (insider dealing, disclosure, STORs, PDMR dealings), plus EU Listing Act proposals — archived one‑minute guide
ARCHIVED This Practice Note is archived and is no longer maintained. What is the objective of the EU Market Abuse Regulation and UK Market Abuse Regulation? Market Abuse Regulation (EU) 596/2014 (the EU Market Abuse Regulation) brought in a refreshed and reinforced EU market abuse framework, extending its scope and imposing more severe sanctions. From IP completion day (31 December 2020), the onshored Market Abuse Regulation, Retained Regulation (EU) 596/2014 (the UK Market Abuse Regulation), applies in the UK. Divergence between the EU Market Abuse Regulation and the UK Market Abuse Regulation For high-level insight on differences between the principal provisions of the EU Market Abuse Regulation and the UK Market Abuse Regulation, see Practice Note: Market Abuse Regulation—key provisions divergence table. What instruments do the EU Market Abuse Regulation and UK Market Abuse Regulation apply to? ...
21 May
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