Corporate weekly highlights—11 May 2017

Corporate weekly highlights—11 May 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 11 May 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the FMLC’s report on issues of legal uncertainty relating to the Market Abuse Regulation; the publication of the LSE’s new ISM rulebook; and IA guidance on long-term reporting.

This update is part of the Lexis®PSL Corporate team’s news offering. Some of the links require a LexisPSL subscription. If you are not a subscriber, you can take a free trial here.

Headlines (News updates & analysis)

Market Abuse Regulation

FMLC report suggests ways of clarifying MAR

The Financial Markets Law Committee (FMLC) has published a report exploring uncertainty around the financial instruments that fall within the scope of the Market Abuse Regulation (MAR).

The FMLC has drawn attention to issues of uncertainty relating to the new EU-wide market soundings regime introduced by Article 11 of the MAR, as well as the meanings of the terms ‘transaction’ and ‘announcement’ within the definition of market sounding. To address these uncertainties, the paper sets out a proposed solution which involves the provision of further guidance by the European Securities and Markets Authority on these issues in the form of amendments to the existing MAR Q&A document, or other guidance by national competent authorities.

For details see: LNB News 08/05/2017 150.

Equity capital markets

LSE introduces International Securities Market rulebook

The London Stock Exchange (LSE) has published the new International Securities Market (ISM) rulebook. ISM is a multilateral trading facility designed to meet the demands of issuers and professional investors and to improve the effectiveness and competitiveness of UK primary debt markets.

ISM has been open for applications for admission to trading since 8 May 2017. LSE has confirmed the Admission and Disclosure Standards have been amended to reflect the introduction of ISM. These amendments also took effect on 8 May 2017.

For details see: LNB News 05/05/2017 103.

Accounts and reports

Investment Association guidance on long-term reporting

The expectations of the Investment Association’s (IA) members on various aspects of long-term reporting have been set out in IA guidance. IA has recommended th

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