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CLLS/ Law Society Company Law Committees' Joint Working Parties on Market Abuse, Share Plans and Takeovers Code publish Q&A on Market Abuse Regulation relating to takeovers.
The Market Abuse Regulation (MAR), which came into effect in the UK on 3 July 2016, aims to extend the scope of the market abuse regime in the UK to new markets and platforms, new instruments and new behaviours. A joint working party of the City of London Law Society (CLLS) and Law Society Company Law Committees’ Joint Working Parties (Joint Working Parties) has published a Q&A providing a suggested approach to implementing certain aspects of MAR relating to takeovers.
The Q&A explains how, in the view of the Joint Working Parties, MAR should apply in certain practical situations relating to takeovers. The Q&A covers the following areas of MAR: market soundings (Article 11); stake-building on a takeover (Article 9); and persons discharging managerial responsibilities (PDMR) dealings (Article 19).
There are five questions relating to market soundings. Q&As 1 and 2 confirm that negotiations to agree the terms of irrevocable undertakings to be given by target directors to accept an
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