Corporate weekly highlights—28 October 2016

Corporate weekly highlights—28 October 2016
Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 28 October 2016, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: European Securities and Market Authority’s (ESMA) guidelines on persons receiving market soundings under MAR and the delay in disclosure of inside information under MAR; ESMA’s newly published Q&As regarding the implementation of MAR; as part of the European Commission’s proposed package of corporate tax reforms, the Common Consolidated Corporate Tax Base (CCCTB); analysis of the decision in Rush Hair Ltd v Hayley Gibson-Forbes, S.J. Forbes Ltd considering how restrictive covenants in a share purchase agreement should be construed; and Restructuring & Insolvency analysis on the new Insolvency Rules laid before Parliament.

Equity capital markets—MAR related developments

ESMA publishes guidelines on persons receiving market soundings under MAR

ESMA has published its guidelines on the steps and the records that the persons receiving market soundings (MSR) will have to consider and implement according to Article 11(11) of the Market Abuse Regulation (EU) No 596/2014 (MAR) of the European Parliament and of the Council.

Article 11(11) of MAR provides that ESMA shall issue guidelines addressed to MSRs regarding: factors that such persons are to take into account when information is disclosed to them as part of a market sounding in order for them to assess whether the information amounts to inside information; steps that such persons are to take if inside information has been disclosed to them in order to comply with arts 8 and 10 of MAR; and records that such persons are to maintain to demonstrate that they have complied with arts 8 and 10 of MAR.

The purpose of the guidelines is to: ensure a uniform approach in relation to the requirements that MSRs are subject to; reduce the overall risk of spreading of the inside information communicated in

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